Americans Cutting Back on Holiday Spending

i2c Inc., a provider of banking and payments solutions, and PYMNTS Intelligence, have released the results of a new survey revealing most Americans are cutting back on holiday spending because of inflation and economic uncertainty.

i2c sponsored the survey, which was conducted by PYMNTS Intelligence. A cross section of 3,302 consumers in the United States were polled between Sept. 20 and Sept. 26 to explore the level of holiday spending in 2023 and what drives interest in and usage of credit cards and Buy Now, Pay Later to pay for gifts and holiday travel.

The survey found:

• Inflation is a key factor driving many U.S. consumers to trim seasonal expenses, such as travel and dining out, to make ends meet.
• However, most American consumers are not planning to reduce what they spend on gifts. Most members of Gen Z, in fact, will spend more on gifts than last year.
• Credit cards are the most popular type of credit product that will be used to pay for holiday spending, but younger consumers rely more on Buy Now, Pay Later (BNPL).

The full report of survey results is available free for download and can be found at: https://www2.i2cinc.com/report-credit-economy-holiday-spend. It offers insights into generational differences in holiday spending, in-store vs online shopping, and details about the most popular methods of payment.

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