Impact of inflation on end-of-year holiday shopping - Statistics & Facts
The holiday season has conventionally been a time of significance to retailers. The compounding effects of national holidays such as Thanksgiving and Christmas, as well as a successive series of shopping festivals – Singles’ Day, Black Friday, and Cyber Monday – have seen higher sales centered around the end-of-year period, compared to the other quarters of the year. Unfortunately, the bright mood has been dampened by the dark cloud of inflation. Driven by multiple factors, the global rate of inflation was estimated at roughly seven percent in 2023, marking a major spike in the last decade. In a survey conducted in August 2022, nearly a third of consumers worldwide cited galloping inflation as their prime concern for the holiday season.
