"Inflation has slowed, but that doesn't mean it has stopped impacting wallets. Consumers will always spend around the holidays, but rising costs mean they are tightening their belts and putting more thought into what, how and when they will buy—from gift giving to dining out during the season.”

Chip West, consumer behavior and retail category expert at Vericast, commented on findings from Vericast's 2024 Holiday Retail TrendWatch report, which found that 41 percent of consumers will be splurging on gifts for themselves while tightening their spend elsewhere.