Survey: Holiday spending will increase in 2024 for most consumers to an average of $1,778

According to the 2024 Deloitte Holiday Retail Survey, consumers plan to spend an average of $1,778 this holiday season, an 8% increase from last year, driven by improved economic optimism and a focus on experiences and non-gift items like décor and party apparel. Despite higher spending, 7 in 10 consumers expect prices to rise, prompting many to adjust their budgets by cutting back on self-gifting and shopping during promotional events. Loyalty may also waver, with 62% of shoppers willing to switch brands if their preferred one is too expensive.

Experiences are becoming a bigger part of holiday plans, with spending on experiences up 16% year-over-year, near pre-pandemic levels. Hosting gatherings is also on the rise, with 25% of consumers planning to host and spend an average of $261, while 70% are willing to spend more on convenience. Although shoppers are expected to spend less on clothing and accessories, food and beverage gifts are gaining popularity, and 4 in 10 plan to gift experiences like event tickets or dining vouchers.

Experiences are becoming a bigger part of holiday plans, with spending on experiences up 16% year-over-year, near pre-pandemic levels.Photo byThe Retro StoreonUnsplash