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Christmas Cheer: Americans Plan to Spend $837 on Gifts

in News
Industry on tap: wineries
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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. 

(By Staff)

Tags: AmericansAmericans PlanChristmas CheerGifts

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