While a lot of people are concerned about whether supply chain issues are going to be an issue this holiday season, it’s not stopping many folks from upping their holiday game this year.
A new Deloitte survey finds:
- 70% of consumers plan to spend more money for the holidays this year.
- 45% plan to spend about the same as last year.
- The average holiday shopper will spend about $1,463 per household, which is up 5% from last year.
- Although this will be true largely for higher-income households.
- In fact, higher income households actually expect to spend, on average, $2,624 for the holidays, while lower-income groups will only spend about $536, which is 22% less than last year.
- 11.5% of Americans don’t plan to spend at all this year, which is up from 4.9% last year.
- Folks do have some concerns this year, with 75% of shoppers worried what they want will be out of stock, which is why many are shopping early.
- 68% also expect to pay more this year, which is a big concern.
As for what folks will be spending their money on:
- About one-third of holiday spending will be on experiences, like entertaining at home or traveling. That will increase about 15% to $536 per household.
- Gift spending will be about $501 per household, a 3% increase from last year.
- Non-gift purchases will be about $426 per household.
Source: Wealth Insider