The average holiday shopping spend of people earning less than $50k a year will be down 22% this year while the expenditures of those earning more than $100k will be up 15%, according to a survey by Deloitte.
In general year-over-year holiday spending will be up by 5% this season with 78% of respondents saying that they were in a similar or better economic situation this year than last year.
According to the same survey 65% of low-income consumers, 23% of middle income consumers and 12% of high income consumers will not be buying gifts this holiday season.
The main categories of holiday retail spending are clothing and accessories at 22%, gift cards at 17% and electronics and foods and beverages at 14%.
Social media has gained importance in people’s shopping habits with 56% using these platforms to research products.
In general spending will equal or even slightly exceed 2019 levels, according to Deloitte.
(By Staff)
