Despite Pandemic, Consumers Still Plan to Spend Big this Holiday
November 3, 2020
Even with unemployment high and consumer confidence lower than pre-pandemic levels, American shoppers plan to spend about the same amount on gifts this holiday season. On average, shoppers plan to spend $673 this year, compared to $675 last year, according to The Conference Board.
On the other hand, matching last year’s amount may itself be a bad sign, as there is no growth. For comparison’s sake, last year’s figure was up 7.7% from $627 in 2018.
What has changed from last year is the amount of online shopping buyers plan to do. This year more than half, 52%, of consumers say they plan to do at least half of their shopping online. This is up substantially from 42% last year.