Study Shows Holiday Shoppers Not Holding Back on Their Spending This Year
My wife and I were just discussing last night how much we’ll be spending this year on gifts for each other, our kids, other family members, and our friends. Everyone either discusses this or at least gives it some thought each year.
Factor in the Decision Making
There are many factors in the decision-making process.
How much do we have saved?
How much are we in debt?
How much can we afford?
Many of us in New Jersey are freaking out over the high inflation. However, according to a new Deloitte survey, many of us are still going to spend, spend, spend.
How Much We’re Spending
The study shows that Americans will spend approximately one thousand six hundred and fifty two bucks during this holiday season. Their findings show that it’s the first time we’ve reached and passed pre-pandemic spending totals.
According to the poll, 95% of us are not concerned about our spending this year. Just two short years ago, only 88% of us were spending freely. This year, 75% of shoppers are ready to spend more and expect prices to be jacked up.
Time Spent Shopping
The poll also shows that we plan to take less time to do our shopping. Before the pandemic, we spent an average of 7 1/2 weeks to get it all done. This year shoppers hope to finish their shopping in under 6 weeks.
There’s also another factor that comes into play. People aren’t saving as much as they used to, and they’re feeling financial pressure with student loan payments being reactivated.
The survey shows that those polled are giving less gifts than last year, but spending a little more on gift cards.
As you’d expect, income plays a factor in spending. 26% of those making up to $100,000 say they’re not holding back this year. Additionally, 22% of those making over $200,000 will not allow their spending to be affected by the economy.
Most calls we received on the morning show said that they would be cutting back a bit this year. One woman did say she always splurges and plans to continue doing so.