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Americans Say Inflation Will Change How They Shop For The Holidays

While there are still a few months to go before the start of the 2022 holiday season, that hasn’t stopped some consumers from thinking about getting a jump-start on holiday shopping. On top of the usual stress related to snagging the perfect presents for loved ones, a recent rise in the cost of everyday items has many would-be shoppers rethinking their holiday spending strategies — and how much they can really afford to spend on gifts.

According to a recent survey conducted by Bankrate, two out of five (40%) survey respondents said inflation will change the way they shop for the holidays this year.

Recent results from the US Bureau of Labor Statistics’ Consumer Price Index Summary also showed the food at home index, which reflects how much you’ll pay for grocery items, had increased 13.5% over the past year. A rise in grocery store prices could also mean holiday dinner items are more expensive this year than they were last year. The price of apparel, often a popular choice for holiday gift giving, has also gone up 5.2% year over year.

With that in mind, it makes sense that 84% of holiday shoppers questioned in the Bankrate survey said they would try to save money this year, with 40% saying they’d be buying fewer items, 21% saying they’d be purchasing gifts from cheaper brands and 41% saying they’d be seeking out coupons, sales and other discounts. 17% of holiday shoppers said they’d be making more DIY gifts, while another 11% said they’d be giving used or secondhand items as presents. 17% of respondents said they’d be using credit card rewards to help offset costs, while 27% said they’d be starting their shopping sooner than in previous years.

Below, Select offers some quick tips that could help you save some money if you’re worried about stretching your budget for holiday shopping this year.

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Create a sinking fund for holiday shopping

Marcus by Goldman Sachs High Yield Online Savings

Goldman Sachs Bank USA is a Member FDIC.

  • Annual Percentage Yield (APY)

  • Minimum balance

    None to open; $1 to earn interest

  • Monthly fee

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle *The 6/statement cycle withdrawal limit is waived during the coronavirus outbreak under Regulation D

  • Excessive transactions fee

  • Overdraft fees

  • Victim checking account?

  • Victim ATM card?

Select also ranked SoFi Checking and Savings as the best high-yield savings account with a welcome bonus. Once you set up and start making direct deposits, you’ll be able to earn anywhere from $50 to $300, depending on the amounts of the direct deposits made within a 30-day period. That extra cash could also be used to help cover holiday shopping costs this year.

SoFi Checking and Savings

Information about Sofi Checking and Savings has been collected independently by Select and has not been reviewed or provided by the issuer prior to publication.

  • Monthly maintenance fee

  • Minimum deposit to open

  • Minimum balance

  • Annual Percentage Yield (APY)

    Members with direct deposit earn 1.80% APY. Members without direct deposit will earn 1.00% APY.

  • Free ATM network

    55,000+ fee-free ATMs within the Allpoint® Network

  • ATM fee reimbursement

  • Overdraft fee

    No-Fee Overdraft Coverage is available; however, SoFi requires $1,000 of monthly direct deposit inflows to unlock it

  • Mobile check deposit


  • No minimum deposit to open an account
  • 1.80% APY with direct deposit
  • 2-day-early-paycheck automatically when you set up direct deposit
  • Save your change automatically with Roundups and set savings goals with Vaults
  • Get up to 15% cash back at local establishments
  • No foreign transaction fees


  • No reimbursement for out-of-network ATM fees
  • Not a standalone checking or savings account

Try reward stacking to earn as much cash back as possible


Information about Rakuten has been collected independently by Select and has not been reviewed or provided by the company prior to publication.

  • Cost

  • How to save

    Get cash back on eligible purchases, automatic coupons and price comparisons.

  • How to use it

    Shop on, the Rakuten app or install the browser extension.

  • How to receive your savings

    Cash back is awarded every 3 months by check or PayPal payment.

When it comes to credit cards, the Citi® Double Cash Card gives you 2% cash back: 1% on all eligible purchases and an additional 1% after you pay your credit card bill. The card has no annual fee and offers an introductory APR offer, giving you purchasing flexibility.

Alternatively, the Blue Cash Preferred® Card from American Express lets you earn cashback in several categories, including 6% cash back at US supermarkets (up to $6,000 per year; then 1% cash back), 6% cash back on select US streaming subscriptions , 3% cash back at US gas stations and on transit and 1% cash back for everything else. Note that the cashback can be redeemed as a statement credit.

Citi® Double Cash Card

  • Rewards

    2% cash back: 1% on all eligible purchases and an additional 1% after you pay your credit card bill

  • Welcome bonus

    For a limited time, earn $200 cash back after spending $1,500 on purchases in the first 6 months of account opening.

  • Annual fee

  • Intro APR

    0% for the first 18 months on balance transfers; N/A for purchases

  • Regular APR

  • Balance transfer fee

    For balance transfers completed within 4 months of account opening, an intro balance transfer fee of 3% of each transfer ($5 minimum) applies; after that, a balance transfer fee of 5% of each transfer ($5 minimum) applies

  • Foreign transaction fee

  • Credit required

Blue Cash Preferred® Card from American Express

On the American Express secure site

  • Rewards

    6% cash back at US supermarkets on up to $6,000 per year in purchases (then 1%), 6% cash back on select US streaming subscriptions, 3% cash back at US gas stations, 3% cash back on transit including taxis/rideshare , parking, tolls, trains, buses and more and 1% cash back on other purchases. Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit.

  • Welcome bonus

    Earn a $350 statement credit after you spend $3,000 in purchases on your new card within the first 6 months.

  • Annual fee

  • Intro APR

    0% for 12 months on purchases and balance transfers from the date of account opening

  • Regular APR

  • Balance transfer fee

    Either $5 or 3% of the amount of each transfer, whichever is greater.

  • Foreign transaction fee

  • Credit required

Don’t wait until the last minute

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff alone, and have not been reviewed, approved or otherwise endorsed by any third party.

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