According to a CNBC survey, only 16% of holiday shoppers plan to increase their spending this season due to inflation.

This holiday season, Americans report feeling haunted by the specter of inflation.

According to the CNBC All-America Economic Survey, inflation continues to be a concern for consumers, resulting in a lackluster holiday season for retailers. While only 16% of respondents plan to spend more, this is a decrease of two points compared to the previous year. On the other hand, 48% of respondents will spend the same amount on holiday gifts, an increase of five points. However, 35% of respondents plan to spend less, also a decrease of two points.

A survey of 1,002 Americans was conducted Dec. 5-8 by Hart Research and Public Opinion Strategies, with a margin of error of +/- 3.1%.

According to a survey, 64% of people believe that the prices of their holiday gifts are higher this year compared to last, with 34% stating that they are significantly higher. On the other hand, more than a quarter of participants say that the prices are roughly the same, and only 4% report seeing lower prices.

In recent years, the average spending per person has been around $1,014, which is typical but lower than the outlier of $1,308 in 2023.

Those most likely to say they'll spend less during the holiday season are older and lower-income Americans aged 18 to 49. Inflation, with 36% of respondents citing it as a reason, is the top reason given for spending less. Over 1 in 5 say it's because they have less income, while 20% report it's due to difficulty paying their bills. A total of 46% of Americans have arrived at the holiday season with some or a lot of debt and plan to spend less than most.

Inflation lingers on shoppers' minds

Younger Americans aged 18-34, those living in urban counties, and Latinos are among the groups that spend more. Of those who spend more, 37% say it's due to higher incomes, while 25% cite higher prices as the reason.

"According to Jay Campbell, partner at Hart Research and the Democratic pollster for the survey, inflation is still a major concern for people. He stated that the data indicate that inflation has a negative impact on spending, pushing it down rather than up."

A brief holiday shopping season

This Thanksgiving, shoppers have an additional factor to negotiate: the latest possible date of the holiday, which fell on Nov. 28, shortening the shopping season. According to a survey, about half of Americans have completed less than half or none of their shopping when the poll was conducted, with a third stating they had not done any shopping at all.

Women over 50 are the most organized, with 45% saying they have completed more than half or all their shopping. In contrast, men are the least organized, with only 55% saying they have completed less than half of their planned spending.

Some consumers may wait for bargains to improve as the holiday season nears a close, rather than spending as much as they did last year.

Consumers make holiday purchases online

According to a survey, 61% of Americans plan to do most or all of their shopping at online-only sites such as Amazon, while 43% prefer big-box stores and 26% opt for locally owned non-chain stores. Only 19% choose wholesale retail stores like Walmart, and 18% prefer department stores.

The percentage of Americans shopping online is similar regardless of political affiliation or age. However, there is a significant difference in preferences among age groups, with older individuals being 11 points less likely to shop online than the average. On the other hand, the wealthiest Americans are 25 points more likely to shop at online-only stores than those with lower incomes.

One in five respondents report buying a product after seeing it on a social media site, with half clicking on a regular ad and 15% clicking on a link from an influencer. Younger, female, and lower-income respondents are more likely to be influenced by influencers and have lower spending intentions, while those who click through on social media ads have higher spending intentions.

Despite the November CPI rising 2.7% year over year, four-tenths of a point less than last year, and goods prices being down 0.6% year over year, Americans' attitudes on inflation remain focused on the price level, which jumped sharply during the pandemic and has remained elevated.

The full economic survey can be found here.