Nearly three quarters of consumers are delaying holiday purchases for discount shopping events such as Black Friday or Singles Day, and more than half plan to reduce spending to save money, according to a study from Ernst & Young.

The report underscores how consumer spending patterns are shifting, with higher levels of inflation, rising interest rates and credit-card delinquencies eroding purchasing power, Jim Doucette, consumer products and retail leader at EY-Parthenon, said in an interview.