Those celebrating the winter holidays expect to spend $875 on average on gifts, decorations, food and other key seasonal items, according to the National Retail Federation’s latest consumer survey. That is $42 more than consumers planned to spend in 2022 and in line with the average holiday budget increases over the last five years.
“The winter holidays are an important tradition to many American families, and shoppers are prioritizing their holiday purchases for the people most important to them,” NRF President and CEO Matthew Shay said. “Retailers have been preparing for months to ensure their inventories will meet demand, while at the same time helping consumers maximize their budgets with shopping events and discounts running throughout the extended holiday shopping season.”
Of the total consumers plan to spend, approximately $620 will be spent on gifts. Consumers are also budgeting another $255 for seasonal items like decorations, candy or food.
Shopping destination trends show 58 percent of consumers planning to shop online this holiday season. That’s followed by department stores (49 percent), discount stores (48 percent) and grocery stores and supermarkets (44 percent).
The survey, performed for the NRF by Prosper Insights & Analytics, drew responses from 8103 adult consumers about their holiday shopping plans. It was conducted Oct. 2-9 and has a margin of error of plus or minus 1.1 percentage points.
Click here for more from the survey.