As the festive season unfolds, the anticipation of gift exchanges takes center stage. Embracing the spirit of this joyous occasion, Scholaroo has embarked on a comprehensive exploration of American consumer behavior, seeking to reveal valuable insights into how individuals plan to celebrate the most cheerful time of the year. In this report, we delve into the intricacies of holiday celebrations, shedding light on the trends and preferences that shape this enchanting season for Americans.
How much will people spend across the US this year?
Sales history during holidays and the sales forecast for 2023 (in billions)
Sales for the upcoming 2023 holiday season are projected to grow by approximately 3.8% in comparison to the previous year. Online and other non-store sales are predicted to grow by 7% to 9% alone, reaching a range of $273.7 billion to $278.8 billion. This is an increase from the $255.8 billion recorded last year.
This is the consumer spending breakdown for gifts and seasonal items
According to income levels, this is how Americans are covering the costs of their holiday gifts
Even wealthier households tend to have credit card debt even after purchasing gifts. People making at least $200,000 a year are more likely than the average American to use credit cards without paying the full amount right away. Almost 2/3 of them plan to pay for their purchases gradually with a credit card.
These are the gifts they hope to receive
Speaking of gift cards, these are the types they plan to buy
This season, consumers are anticipated to spend a total of $29.3 billion on gift cards, with an average value of $49.43 per gift card.
Methodology
Scholaroo's data team analyzed publicly available data on the history of consumption during the holiday season over the last 10 years and spending expectations for Christmas 2023.