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American shoppers spent more in October, showing continued resilience amid persistently high inflation and an early start to the holiday shopping season.
The poll of more than 1,000 adults revealed that about half of shoppers plan to purchase fewer gifts this year due to higher prices, and more than a third admitted that they intend to use coupons to help cut down on costs.
Shoppers are making fewer purchases, and at a discount, to combat higher prices this holiday season, several studies show.
The peak shopping season will test spending priorities of consumers who are facing high inflation.
US households have around $1.2 trillion in excess savings left over from the pandemic, meaning they aren't that sensitive to prices, Wells Fargo said.