Deloitte: Holiday Shoppers Expected to Increase Spending
- Consumers surveyed plan to spend an average of $1,778 this holiday season, an increase of 8% from the previous year.
- Despite expectations of higher prices, 43% of consumers believe the economy will improve, leading to increased spending on experiences.
- Overall, shoppers are focused on finding the best deals, indicating a shift towards value-driven purchasing during the holiday season.
In the United States, a recent survey indicates that consumers are gearing up for the 2024 holiday season with an average planned expenditure of $1,778, marking an 8% increase from the previous year. This spending reflects a growing trend where consumers are prioritizing experiences over traditional gift-giving, with a significant 16% increase in spending on experiences compared to last year. The average number of gifts purchased is expected to rise from eight to nine, although the total spending on gifts is projected to decrease slightly to $536. The survey reveals that 70% of consumers anticipate higher prices this holiday season, yet 43% express optimism about economic improvement. This optimism is particularly pronounced among high-income earners, who plan to increase their spending by 17%. Younger shoppers, especially Gen Z and millennials, are also showing a trend towards self-gifting and spending on personal experiences, indicating a shift in holiday shopping behavior. Despite the anticipated price increases, consumers are actively seeking value and deals, with 78% planning to participate in promotional events. This reflects a broader trend of value-seeking behavior among shoppers, who are willing to trade down to stretch their budgets while still aiming to celebrate the season. Overall, the findings suggest that while consumers are cautious about spending due to economic factors, they remain committed to enjoying the holiday season through experiences and gatherings, highlighting a shift in priorities in holiday shopping.