Shoppers are cutting their holiday spending budgets this year
We surveyed 1,089 U.S. consumers online in September to find out how they intend to shop for holiday season. The per-person average holiday budget decreased 20.5 percent from last year: $873 (last year, pre-COVID) to $694 this year.
Holiday budget per person
Shopping habits consumers had during the retail shutdown earlier this year are sticking. While slightly fewer consumers will shop in-store this year, the percentage of consumers who plan to shop at a pure-play online retailers like Amazon rose over 16 percentage points year-over-year to 58.5 percent.
Other trends that emerged this year include:
The top three retailers remained the same but more consumers will visit them
Shoppers who want to have fun will spend more
Value is the top priority
Shopping will begin early and consumers will look for deals throughout the season
Most Americans will buy something for themselves this year