According to the National Retail Federation’s latest consumer survey conducted by Prosper Insights & Analytics, consumer spending this holiday season is expected to reach a record $902 per person on average across gifts, food, decorations and other seasonal items. The amount is about $25 per person more than last year’s figure and $16 higher than the previous record set in 2019.
“The winter holidays are a treasured time for Americans, and they are prioritizing spending on family this holiday season,” says NRF vice president of industry and consumer insights Katherine Cullen. “Despite the shorter window of time between Thanksgiving and Christmas, retailers are prepared to meet the needs of consumers by providing holiday shoppers with earlier deals and sales and by ensuring inventory is available for the most in-demand items this year.”
Of the $902 shoppers plan to spend, approximately $641 is on gifts for family, friends, co-workers and more, which is an increase from $620 last year. The remaining $261 will be spent on other seasonal items such as food or candy, decorations, greeting cards and other holiday items.
Nearly half (45 percent) of holiday shoppers plan to browse and buy items before November. The top reasons for early shopping include spreading out their budget (59 percent), avoiding the stress of last-minute shopping (45 percent), avoiding crowds (42 percent) and pursuing prices or promotions that cannot be missed (42 percent). However, most consumers (62 percent) will plan to finish their shopping in December.