According to the annual global holiday shopping and travel report released by IBM's (NYSE: IBM) Institute for Business Value (IBV) today, many global consumers are ready to celebrate the holidays again and will be shopping earlier than in years past. However, as a wider set of economic and political issues took center stage this past year, new risks, and uncertainty loom over their plans.

The study found that 2022 shopping budgets are up 8% over 2021—in line with Bain's economic forecast—and holiday travel budgets are up by almost half. However, factors including inflation and price increases have made economic concerns top of mind this holiday season. While 59% of consumers surveyed say they will be less concerned about COVID-19, two in three say they will be more concerned about the economy. 59% of respondents report worrying more about supply chain disruptions that could make holiday shopping harder or more expensive.

"According to the survey results, in 2022, consumers are hoping to re-embrace holiday traditions they've had to alter for the past two years," said Karl Haller, Partner, Consumer Center of Competency Leader, IBM Consulting. "They're starting their shopping and travel planning earlier but also want to hedge their bets with options like free returns or cancellations. To adapt to these changes in consumer behavior, retailers will need better visibility and traceability across product inventory, fulfillment, and returns. AI can help them understand, prioritize, and resolve critical issues in real time."