51% of holiday shoppers plan to buy fewer gifts this holiday season as inflation takes a toll

Inflation is weighing heavy connected the holidays this year.

Roughly fractional of shoppers volition bargain less things owed to higher prices, and much than one-third said they volition trust connected coupons to chopped down connected the cost, according to a caller survey of much than 1,000 adults by RetailMeNot.

Though the survey recovered galore consumers are besides anxious to get an early commencement connected seasonal shopping, that surge is mostly driven by concerns astir affordability and money-saving strategies, different reports show.

"Inflation is, by far, the biggest contented for households this year," said Tim Quinlan, elder economist astatine Wells Fargo and writer of its 2022 vacation income report.

More from Personal Finance:
Free returns whitethorn soon beryllium a happening of the past
Affluent shoppers clasp secondhand shopping
These steps tin assistance you tackle stressful recognition paper debt

Household finances person taken a deed with a little savings complaint and declining existent wages, which could dilatory vacation sales, Quinlan said.

"The bottommost enactment is, with ostentation remaining a headache, dollars aren't stretching arsenic far, and astir consumers volition inactive beryllium looking for bargains," Quinlan said.

A abstracted study by BlackFriday.com besides recovered that 70% of shoppers volition beryllium taking ostentation into information erstwhile buying this vacation season, and adjacent much volition beryllium connected the lookout for deals.

Roughly 25% of consumers said they would opt for cheaper versions oregon much applicable gifts, specified arsenic state cards, according to TransUnion's vacation buying survey.

"People are trying to economize and marque the astir of what they have," said Cecilia Seiden, vice president of TransUnion's retail business.

Still, households volition ammunition retired $1,455, connected average, connected vacation gifts, successful enactment with past year, a abstracted retail study by Deloitte found. 

"Remember to not enactment yourself successful indebtedness implicit vacation shopping," cautioned Natalia Brown, main lawsuit operations serviceman astatine National Debt Relief. "Debt prevents radical from reaching their fiscal goals — similar gathering an exigency fund, buying a location and redeeming for retirement."

Holiday spending could travel astatine a higher outgo if it means tacking connected further recognition paper indebtedness conscionable arsenic the Federal Reserve raises involvement rates to dilatory inflation, Quinlan added. 

Annual percent rates are presently adjacent 19%, connected average, an all-time high, according to Ted Rossman, a elder manufacture expert astatine CreditCards.com.

That volition permission consumers worse disconnected heading into 2023, Quinlan explained.

"In galore ways we presumption this year's vacation buying play arsenic the past hurrah," helium said.

Subscribe to CNBC connected YouTube.