ORLANDO, Fla. – Holiday spending this year in the U.S. is expected to surpass pre-pandemic averages for the first time, according to a survey developed by Deloitte Development.
Deloitte surveyed 4,318 consumers from Aug. 30 to Sept. 8, 2023, and also polled 43 retail executives from June 23-30, its methodology statement describes. Of the consumers, holiday participation has risen to 95% versus 92% in 2022, with the spending party ready to part with an average of $1,652 this holiday season compared to $1,496 in 2019, the study shows.
Recommended Videos
Seventy-two percent of consumers also plan to factor in higher prices this year, part of what Deloitte reports as navigation of inflation. Even though the figure was 73% last year, Deloitte points out the $50-99K and $200K income groups feel most confident to spend big no matter what and intend to increase their spending by $315 (+26%) and $709 (+22%) YoY in 2023, respectively.
[EXCLUSIVE: Become a News 6 Insider (it’s FREE) | PINIT! Share your photos]
Another example of the inflation navigation comes as consumers budget for fewer gifts, eight versus nine in 2022, according to the survey. Additionally, a higher proportion of consumer budgets is expected to go to gift cards — $300 versus $217 in 2022 — while less goes toward food and beverage gifts, according to Deloitte.
Some other findings of the survey include:
- Thirty-seven percent of consumers will shop in store, versus 35% in 2022 and 36% in 2019.
- Seventy-five percent of consumers can be tempted to self-gift, though tight budgets could get in the way.
- Seventy-eight percent of shoppers will be active during the last two weeks of November, when nearly a third of shoppers’ budget is expected to be spent. At least 24% plan to take advantage of sales in October, as well.
- Caution in spending during the back-to-school period was likely due to it being a commodity event, according to Deloitte, while the holidays are a splurge event.
- Seventy-nine percent of consumers have little-to-no trust in retailers’ ability to use artificial intelligence responsibly.
Read further on deloitte.com.
Get today’s headlines in minutes with Your Florida Daily: