‘Tis the season for spending.
Despite inflation concerns, consumers plan to spend more this year than last holiday season.
Average Holiday Spending
The average person is expected to spend $902 on winter holiday items this year, according to a recent National Retail Federation (NRF) survey.
The spending increase (up from $875 in 2023) is mostly attributed to gifts for family members.
Of the $902 shoppers plan to spend, approximately $641 is on gifts for family, friends and co-workers. The remaining $261 will be spent on seasonal items (e.g., food, decorations, cards), according to NRF.
Shopping Destinations:
Overview: Holiday Shopping Destinations & Trends
Online shopping is the most popular location for the holidays, followed by traditional retailers.
Gift cards are the most popular gift request.
Also, younger consumers (ages 18 to 24) are increasingly turning to thrift stores and resale shops for sustainable and budget-friendly options, according to NRF.
Wishing you a wonderful holiday season.
Sincerely,
–David Bunker, Financial Advisor & Licensed Fiduciary
PS: If you missed our earlier post discussing current money moves, find it here.
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