In the turbulent economic environment, money is losing its value. Consumers are reevaluating their spending across sectors. With a looming crisis of trust in financial institutions, how are people managing their budgets? And how can brands navigate the complex relationship between value and cost?

A survey from PYMNTS Intelligence revealed that American consumers plan to utilize installment plans to rein in their holiday spending. There’s an opportunity for brands to encourage cautious splurging while also meeting the demand for more precise and helpful product recommendations.

In the face of economic uncertainty, many people are still choosing to treat themselves despite facing increasingly dour financial outlooks. For some, budgets are going out of the window, savings are taking a back seat, and spending to feel good is taking centre stage. Small luxuries, greater indulgences, and retail therapy are all becoming new ways to cope with polycrisis.

Despite inflation and rising costs, people plan to spend more on Christmas gifts at the end of 2023, even if it's still months away. With people willing to pay more on occasions that matter, there are opportunities for brands to provide offerings to cater to these attitudes of feeling more prepped.

The cost of living crisis in the UK had a significant impact on Christmas 2022, but as financial situations have failed to improve, 2023 is seeing continued constraints. More Britons than ever are looking to cut down on essentials and luxuries like gifts and food, so how can brands adapt?