American Consumers To Spend More For Gifts This Holiday Season: SurveyDecember 7, 2023
American consumers are expected to spend more than what they spent last year for the upcoming holiday season, according to a recent survey conducted by Gallup.
The total amount that they are planning spend on Christmas or other holiday gifts this year averages $975 in Gallup’s final 2023 reading, taken in November. This exceeds consumers’ holiday spending estimate from a year ago by more than $100 and is the highest in Gallup’s November measures historically since 1999.
Americans’ November forecast for their holiday gift spending has more than recovered from the $616 low recorded during the 2008 financial crisis when it had tumbled by $250 from the year prior. Since then, it has generally trended upward, although it was fairly steady near $850 for the past four years before surging well past that this year.
The latest figure, based on a poll conducted during November 1-23, is also higher than Americans’ average $923 spending prediction in October.
Both the recent and year-over-year increases seen in consumers’ November holiday spending estimate run contrary to the implications of Americans’ continued pessimism about the economy and relatively sluggish overall spending in October, according to recent Commerce Department data.
The survey has found that Holiday budget increases most among young and middle-income shoppers.
The poll finds 88 percent of adults indicating they will participate in the shopping season. While 58 percent plan to spend at least $500 on gifts, 37 percent say they will spend $1,000 or more.
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