Recent estimates show that Americans plan to spend nearly $1,000 on Christmas gifts this year — $100 more than last year's average.
During the first week of December, consumers increased their holiday gift budgets and will spend an average of $975 on gifts, which is $52 more than experts predicted in October.
A new questionnaire found that – out of 1,888 shoppers – 49 percent will buy the majority of their gifts this month and 90 percent will buy at least some gifts in December.
The sudden spike in spending is unusual as consumer estimates typically decline as the season progresses.
Compared to last year, there has been a sharp increase in expected spending, especially among middle-income households and younger adults.
Recent estimates show that Americans plan to spend nearly $1,000 on Christmas gifts this year — $100 more than last year's average
In the first week of December, consumers increased their holiday gift budgets and will spend an average of $975 on gifts, which is $52 more than experts predicted in October
A new survey shows that 49 percent of 1,888 shoppers will buy the majority of their gifts this month and 90 percent will buy at least some gifts in December.
The third Saturday in December is also predicted to be one of the busiest shopping days of the season, just behind Black Friday
Experts are predicting some big shopping days this month – including 'Super Saturday' (also known as 'Panic Saturday'), the last Saturday before Christmas, with this month's busy shopping day falling on December 23.
The average spending forecast of $975 is the highest in the history of Gallup's annual measures.
Last year the average spend on holidays was €867 – and in previous years there were similar averages around €800.
The biggest dip came in 2008, in the middle of the financial crisis, when average holiday spending was $616, almost $300 less than in 2007.
This year marks the first time the average for holiday spending has exceeded $900.
Among young and middle-class shoppers, with annual household incomes between $40,000 and $99,000, the spending average was $947 – more than $200 more than last year's $709.
Higher-income households have seen no significant change in holiday spending – which averages around $1,400.
Low-income households are reducing their budgets, with the average falling from $477 to $429 this year.
The survey also found that women's average spending increased by $137 during the holiday season, while men only increased their spending by $43. It also showed that people under 35 spent as much as $253 more than last year, while people over 35 spent an average of as much as $73 more.
Households with children spend an average of $1,306, while households without children spend $835.
Experts are predicting some big shopping days this month, including 'Super Saturday' (also known as 'Panic Saturday'), the last Saturday before Christmas. This month the busy shopping day falls on December 23.
Higher income households have seen no significant change in holiday spending – which averages around $1,400
Compared to last year, there has been a sharp increase in expected spending, especially among middle-income households and younger adults
Total US holiday gift spending reached a staggering $178 billion in 2022 – and is likely to be even higher this year.
Stores are even expanding their shopping hours to account for the predicted holiday rush – Target will remain open from 7 a.m. to midnight every day and Kohl's is extending their hours from 8 a.m. to midnight for the two weeks before Christmas
Households with children spend an average of $1,306, while households without children spend $835
The third Saturday in December is also predicted to be one of the busiest shopping days of the season, just behind Black Friday.
Sherry Smith, Managing Director of Global Enterprise for Criteo, said Axios that many retailers are expecting a 'last-minute shopping rush' and will continue to offer offers and discounts until the end of the year.
Stores are even expanding their store hours to account for the predicted holiday rush – Target will remain open from 7 a.m. to midnight every day and Kohl's is expanding their hours from 8 a.m. to midnight for the two weeks before Christmas.
Statistics from 2022 showed that 60 percent of American Christmas consumers preferred to do their shopping online.
Total US holiday gift spending reached a staggering $178 billion in 2022 – and is likely to be even higher this year.
Last-minute shopping is last year's trend: 40 percent of all Christmas sales in 2022 took place between December 15 and 24.
Americans spend more on holidays than any other country, with Lebanon lagging behind with an average spend of $891 per person.
France ($856), Canada ($776) and Australia ($458) all have high holiday budgets as well.
In addition to gifts, other Christmas spending has also increased, with 20.98 million real Christmas trees purchased in the US in 2021.
In fact, one in five Americans was willing to spend more than $200 on their Christmas tree.