Americans expect to spend on average $837 on gifts this Holiday season, statistically similar to the $805 they estimated spending in 2020, according to a poll by Gallup. Both estimates are down from a 2019 high of $942.
According to the polling agency holiday spending has typically risen 3.4% year-over-year since 2000 with exceptions for the 2007-2009 recession and the COVID pandemic.
The poll indicates that 64% of Americans will be spending the same amount on gifts this year as in 2020, while 22% plan to spend less and 13% expect to spend more.
The poll comes as US inflation is up to 6% year-over-year.
“If consumers start to feel more stretched because of increases in gas prices and the cost of other basic goods, that could dampen their holiday spending,” warns the report.