Christmas spending expected to set new records

(CBS, KYMA) - We're just a few days from Halloween, but Christmas spending is already underway, and it's expected to set new records. That's, in part, due to inflation.

Last year, 37% of shoppers racked up an average of more than $1,200 in debt over the holidays. This year, the average consumer is projected to spend more than $700, and nearly $900 for those with kids.

29% of consumers plan to use AI to research products, compare prices, and budget.

CBS News Business Analyst Jill Schlesinger said don't go overboard just because there are sales.

The National Retail Federation said 56% of holiday shoppers say the state of the economy will affect their spending plans this winter.

According to professional services network PwC, millennials are tightening their belts the most, with an expected 10% pullback on gift spending and a 37% decline on travel.