Number of the Day
Americans Cut Back on Holiday Spending, by the Numbers
Consumers are spending an average of $50 less on gifts, decor, and other holiday purchases this year
$997.79: That’s the average amount that consumers are expected to spend this holiday season on gifts, décor, and “non gift” purchases (for themselves or family), per CNBC. The curiously specific number comes from a National Retail Federation survey of 7,660 consumers, but what’s most notable is that it’s down about $50 from last year — the biggest dip in more than a decade, after climbing steadily since the Great Recession.
This is certain to be the most unpredictable holiday shopping season in recent memory. With virus numbers spiking and economic uncertainty looming, retailers have already been working to both adapt to and influence new consumer habits. Everyone expects more online shopping this year, and many stores extended sales through the month to discourage the traditional Black Friday crush; a separate survey found more than half of shoppers had already started their holiday buying by late October. At the same time, a surprising number of consumers have reportedly headed back to the mall, specifically hoping to avoid Black Friday mobs — but also to get holiday shopping done before any potential new…
