Higher costs making holidays less merry for NJ families, poll finds

With more than 40% of New Jersey residents claiming their financial situation is worse off now compared to a year ago, inflation is expected to take some cheer out of this holiday season.

In a poll released Monday by Stockton University, two-thirds of respondents said inflation is either "greatly" or "somewhat" impacting their 2022 holiday spending. Nearly half said they have reduced their everyday spending in order to have enough funds on hand for gifts and other purchases.

One in three shoppers said they plan to spend less this year on holiday expenses compared to last year.

In the poll of 570 adults, those aged 30 to 49 — the group most likely to be raising children — recorded significant challenges presented by the economy. Seventy-six percent said rising costs are impacting their spending plans. Sixty percent said they've cut back on routine expenses in order to prepare for holiday spending.

"Inflation has gripped consumers with Grinch-like tenacity. It makes holiday shopping more challenging," said John Froonjian, director of the William J. Hughes Center for Public Policy at Stockton.

Cost has also been a factor in residents' holiday traveling decisions, according to the poll, along with airline disruptions and COVID-19 concerns.

Among those who plan to shop for the holidays, 53% said most of that work will occur online. Thirty percent plan to go to stores in person.

The poll also asked respondents about when they start their holiday shopping. More than 40% have already begun. Thirty percent are waiting until Thanksgiving is over, or early December.

Forty-two percent of adults said their financial situation right now is worse right now compared to a year ago.

Dino Flammia is a reporter for New Jersey 101.5. You can reach him at dino.flammia@townsquaremedia.com

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