Nearly one-third of consumers expect to go into debt this holiday shopping season amid the COVID-19 pandemic that’s wreaked havoc on the economy resulting in millions of job losses, according to a study from LendingTree published on Tuesday.

LendingTree, the largest online lending marketplace in the U.S., commissioned a survey of 1,034 consumers in the U.S., conducted by Qualtrics from Oct. 2-6.

According to the survey, 31 percent anticipate debt this holiday season. Forty-seven percent of those who were laid off or furloughed because of the pandemic expect to go into debt.

“There’s always concern about going into debt over the holidays,” LendingTree Chief Credit Analyst Matt Schulz said in the report. “But when unemployment is as high as it currently is, that concern should be even greater.”

The unemployment rate in September was 7.9 percent versus 3.5 percent at the same time a year ago.

Consumers differ in their spending changes as 35 percent expect to spend more and 36 percent expect to spend less than last year, with most citing pandemic-related reasons for the shift.

Of those spending more this year, 53 percent report having more people to buy for, while 35 percent expressed a desire to show appreciation for essential workers through gifts. Another 34 percent said they want to show loved ones they care during this challenging time. Some have saved more money during lockdowns, with 19 percent reporting that they’ll spend more on gifts after reduced spending during the pandemic.

Of those spending less this year, 32 percent pointed to a loss of household income, while 29 percent said they were saving money. With a pullback in travel and social gatherings, 28 percent said they were attending fewer gift-giving events, and 23 percent said they decided not to give gifts this year.

Shares of LendingTree fell $1.19, or 1.21 percent, to close Wednesday at $340.98.