According to a new report, 34% of Americans will be purchasing a gift for their dog vs.19% who will be purchasing gifts for their in-laws.
These figures come from a survey from Personal Capital conducted in partnership with Morning Consult that evaluate holiday shopping behavior and priorities this year.
With rising costs of basic items like groceries and gas, the overall sentiment is consumers are planning to spend significantly less this year, with aims to allocate their dollars to lower-cost items. Namely pet toys.
2022 gift spending is “down roughly $200 (23%) from last year,” the report said. “In order to afford their December spending, 47% of respondents said they will be cutting back on eating out and other non-essential purchases, an increase of 9% over 2021. Ultimately 37% of people will be spending $250 or less on their gifts this year, with 16% saying they’ll ring up less than $100.”
Experts Americans should keep these future goals in mind as they shop for the holidays.
“While you may feel inclined to set January first as a target date to start following a budget, paying attention to where your money is going now will help you feel more confident about your finances and ready to take on any money resolutions you make for the New Year,” said Kyle Ryan, Executive Vice President of Advisory Services at Personal Capital in a news release.