Holiday shoppers are turning to AI to find better prices, compare options and save time as inflation continues to pressure household budgets, according to a survey by Minty, an AI-driven shopping companion that helps consumers find discounts.
Consumers aren’t necessarily waiting for a traditional holiday season shopping starting date or one big sale, as more than 25% of survey respondents said they’ll start shopping before October, and 14% said they’re already shopping now, looking for every sale opportunity.
Inflation and economic uncertainty are looming over the holiday season, Minty maintained, as 91% of shoppers acknowledged they are concerned about rising prices. Even so, most shoppers aren’t planning on cutting back on holiday purchasing, Minty pointed out, as 79% plan to spend the same or more than they did last year. At the same time, 96% said they have at least one shopping strategy they plan on employing to stretch their budgets, and the average shopper expects to use three different savings strategies. As the technology becomes more familiar, 54% of respondents said they plan to use AI to shop this holiday season, with about two-thirds turning to cashback and savings apps to stretch their budgets further.
Consumers are stacking AI, cashback and comparison shopping to make every dollar work harder, an approach Minty characterizes as “moneymaxxing.” With that, 42% of consumers intent on using such strategies to cut spend expect to save between $50 and $200 this holiday season, while another 13% expect to save more than $200.
As they look to make the most of their money in the holidays, AI is moving from occasional tools to something that’s more of a habit, with 44% of respondents saying they are employing artificial intelligence more as they shop currently compared to a year ago. The majority, at 52%, said they are using AI to find the best price, then to discover gift ideas, (45%), and to compare products, brands or retailers (38%).
Six in 10 consumers said they are looking for AI to reduce the time and effort required to shop for the holiday, with 59% expecting to save up to 25 hours.
Two thirds of shoppers plan to use cashback, savings apps or browser extensions this season, as they scout for high cashback rates, automatic savings and coupon-finding features, Minty pointed out. However, rather than cutting back on purchasing, price-conscious consumers plan to get maximum value by using technology. Cashback and savings-tool users intend to spend 30% more than non-users, while almost half plan to increase their holiday spending compared with just 13% of non-users. The survey indicated that all shoppers regardless of age, gender, region and household income, are embracing savings tools and expecting meaningful savings this holiday season.
“Holiday shoppers are using AI and cashback to optimize two things they never have enough of during this busy season, money and time,” said Rodney Mason, Minty chief marketing officer. “They still want to participate in the season, but they want technology to help them to be more in control of the value they get from every purchase. For retailers, that means the most price-conscious shoppers may still be some of the most valuable, and winning them will increasingly depend on proving value quickly, reducing friction and making it easier to find the best deal.
