If you felt like a year of high prices, high interest rates, and high economic uncertainty would scare away shoppers this Holiday season, you may be surprised to hear that doesn’t seem to be the case.
Apparently, gift-buying is a categorical imperative to most American consumers. According to Statista’s Felix Richter, forecasts and preliminary estimates suggest new spending records this year. The National Retail Federation expects an average of $885 to be spent on core holiday items, such as decorations and gifts. This is 5% higher than the holiday budgets in 2022 and slightly above the five-year average in expected spending.
As to where U.S. consumers planned to shop this year, 58% said they intended to shop online, while 49% planned to go to a department store. Consumers who planned to shop at a discount store and those who made holiday purchases at a grocery store were at 48% and 44%, respectively.
It may seem like many Americans like to avoid the bustling crowds in Who-ville by shopping online, but physical stores still hold their own during the year’s most active shopping season.
