In times of global inflation, holiday shopping is a worrying reality for many Americans. Daymon’s 2022 Holiday Study Report highlights the most notable trends in holiday spending this year, helping to provide better information about how the global economic crunch is impacting regular Americans.
Daymon’s 2022 Holiday Study Report Highlights Consumer Anxieties
Holiday shopping and entertainment season are officially in full swing, and prices are higher than ever. According to Daymon’s 2022 Holiday Study Report, 51% of consumers are planning to purchase groceries at conventional grocery stores. Additionally, one in four (25%) consumers plan to use major retailers that offer more significant discounts, like Walmart.
With budgets in mind, 85% of shoppers told us they will spend on gifts this year, while 91% expect to spend about the same or more on holiday groceries. For those planning to spend more, increased prices and cooking more food are the top two factors driving these expectations across all generations.
Save Money with Cash Back Credit Cards
Because of the bite of inflation, there’s never been a better time for consumers to grab a new credit card to help take the sting out of holiday shopping, whether it is preparing a holiday dinner, purchasing a trendy New Year’s Eve outfit, or finding a gift for a white elephant exchange.
Cash back credit cards provide lucrative rewards on select purchases, with the very best cards offering up to 5% cash back, 0% intro APR, and no annual fee. The Chase Freedom Flex is one of the most popular options. Cardmembers earn 5% cashback when purchasing from Walmart and through PayPal on up to $1,500 in combined purchases until December 31, 2022.
The Freedom Flex also earns enhanced cash back in other key categories, with cardmembers earning the following on every purchase:
- Earn 5% on travel purchased through Chase Ultimate Rewards
- Earn 3% on dining at restaurants, including takeout and eligible delivery services
- Earn 3% on drugstore purchases
- Earn 1% on all other purchases
Another great option is the Citi Custom Cash℠ Card. Also offering up to 5% cash back, the Custom Cash bypasses quarterly categories. It offers 5% back on purchases in your top eligible spend category each billing cycle, up to the first $500 spent, and 1% cash back after that. Those categories are generous and varied, including:
|Dining||Fitness clubs||Grocery stores|
|Drugstores||Gas stations||Home improvement stores|
|Travel & transit (select)||Live entertainment||Streaming service (select)|
Both the Flex and Custom Cash feature no annual fee and offer 0% intro APR on purchases and balance transfers. The Custom Cash, from Citi, offers 0% Intro APR on balance transfers and purchases for 15 months. The Freedom Flex offers the same intro APR period. Additionally, both cards come with a $200 welcome bonus after meeting minimum spending requirements.
Related Article: How to Calculate Cash Back