10k Humans logo
Envelop icon
Folder icon
About us
Folder icon
Recruitment & Sample
Folder icon
Agenices & Brands
Folder icon
Communities & Panels
Folder icon
Folder icon
Folder icon
Folder icon
10K Voices
x for closing

This Year’s Grinch: Inflation

Santa’s bag of gifts will likely be a bit lighter this year as he and the elves navigate holiday shopping amongst a sea of inflation.

With the cost of goods and services up 7.7% from last year, 50% of consumers say they will buy less this year, with average spending intentions dropping 10%. Despite Black Friday seeing a record high in sales, people were getting less for their money and retailers saw a decline in purchases in the months leading up to the holiday.

Credit Cards and Buy-Now-Pay-Later Use are Up

If you keep up with the consumer price index it should come as no surprise that due to the impact of inflation, 48% of shoppers are planning to use credit cards to pay for holiday purchases, and 37% plan to use buy now-pay later services. 27% of shoppers are expected to go into debt due to this holiday season.

Online shopping started to drastically increase in 2020, and the trend has continued ever since, with 2022 seeing a 33% increase compared to 2020. Black Friday alone made record breaking online sales, hitting a total revenue of $9.12 billion.

Essential Items and Gift Cards

So, what does this mean for the remainder of the holiday shopping season? Well, there are still some great holiday sales lingering about. Market research shows that consumers are buying more than just gifts however, with increased spending being more concentrated on essential items than in years past. Due to this, shoppers plan to spend nearly half of their holiday budgets on gift cards.

Higher Prices Impact Buying Habits

Overall, consumers are spending more to buy less, with the increased inflation rate being the unfortunate underpinning of both shopping attitudes and gift choices. Sales and discounts will continue to drive the shopping season and both large and small businesses should look to conduct market research to get more insight into the unmet needs of their current customers and potential customers during inflation.

Effective Market Research Process During Inflation is Key

Exploratory research via qualitative focus groups, asynchronous online communities, quantitative research or other secondary market research methodologies will provide a competitive advantage in making a more festive season for both businesses and consumers.

Conduct Market Research With 10K Humans

Get in touch and we can help design and execute research in whatever target market and with any market segment you need. Our methods are unique and always custom tailored to meet your objectives and budget. 

By Laura Hunnicutt | Community Junior Lead

Print iconSave icon
— Expert analysis provides detailed understanding of the beneficiaries you serve, your peers in the non-profit sector, your generous donors, and more.
— Eagerness to partner with causes of all scopes and sizes, from international charities to individual teams.
— Services offered pro bono or at cost for qualifying entrants, furthering the social impact of your cause.

— Partnering with scholars across the academic landscape, we’re efforting to humanize the transgender population by understanding how they score on normal variables of personality and gender-stereotyped behavior. This large-scale quantitative project focuses on and engages with the transgender community as people, rather than as a clinical, pathologized population. Uniting academics from Loyola Marymount University, Northeastern University, and University of Rhode Island, this work aims to add to the incomplete body of scholarship on transgender people.
— Working alongside Lindz Amer and Queer Kid Stuff, we’ve conducted a multi-part brand awareness study to establish awareness of the brand and Amer’s new book Rainbow Parenting. In over twenty in-depth interviews and a rigorous quantitative survey phase, we’ve uncovered valuable insights into opportunities for customer engagement and opportunities to bolster customer financial support.
— Supporting HoMie, an Australian-based charity tackling youth homelessness, by testing innovative software from Research Goat. By conducting in-depth interviews via a variety of methods, we’ll unearth crucial insights about the customer experience at HoMie, and follow up with a large-scale quantitative survey to understand the charity’s reach.
— Assisting Hands on Tokyo as they endeavor to address disability rights and environmental issues in Japan. In response to one of Hands on Tokyo’s inspiring live events, we delivered a video reel and additional content, both featuring enhanced accessibility for Japanese and English speakers.
10k Humans logo