Despite rising Christmas tree prices due to inflation, research suggests that many consumers are still willing to pay the premium price
SEATTLE, Nov. 22, 2022 /PRNewswire-PRWeb/ -- Trees.com, the online authority for tree growing and buying, gardening advice, DIY, and design ideas, has published a new survey report that shares insight into how inflation will affect purchasing decisions this holiday season. The study also highlights how consumers prioritize spending on gifts, parties, and Christmas trees. Research experts analyzed responses from 1,250 people who celebrate Christmas in the United States.
According to the survey, 7 percent more Americans plan to buy real Christmas trees this year in comparison to last year. Despite financial struggles due to continued inflation, 91 percent of survey respondents say having a Christmas tree is either "very important" or "somewhat important" to them. Of those who plan to purchase a real tree this year, nearly 1 in 5 are willing to spend over $200. Among respondents who plan to forgo buying a real or artificial tree this year, the most cited reason is because they cannot afford it.
The survey results also indicate that, despite consumers' continued willingness to buy Christmas trees, 56 percent of respondents say they will need to cut down on holiday spending this year. When asked what actions they will take to reduce costs, 72 percent of respondents say they will put a budget on gifts, 44 percent will reduce spending on holiday decor, and 23 percent will not host a Christmas party. Likewise, 13 percent of consumers will only give handmade gifts, and 9 percent will avoid gifts altogether.
Based on this data, respondents are expected to spend less money and buy fewer presents this year than last year. Fifty-one percent of respondents plan to spend less than $400 this year for Christmas festivities, compared to 49 percent last year. Furthermore, the largest group of respondents bought presents for 3-4 people last year, but will only buy gifts for 2-3 people this Christmas.
This study was commissioned by Trees.com and administered via survey platform Pollfish on November 9, 2022. The survey garnered 1,250 participants, who were screened to ensure they celebrate Christmas. To view the complete report, please visit https://www.trees.com/56-of-americans-have-to-cut-down-on-christmas-spending-but-many-wont-compromise-on-christmas-tree.
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SOURCE Trees.com
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