Individuals, on average, plan to spend $1,004 on gifts this holiday season, the highest in three years, according to the CNBC All-America Economic Survey. steveliesman has the details.
Hannah Beier | Bloomberg | Getty Images
The CNBC All-America Economic Survey finds that individuals, on average, plan to spend $1,004 on gifts, up 13% from the pandemic-depressed number last year, and the highest number since 2018. The survey of 800 adults across the country found 15% plan to spend more this year, up from 11% in 2020, and 35% plan to spend less, down from 39%."I think it will be a good Christmas," said Jay Campbell, partner at Hart Research Associates, the Democratic pollsters for the survey.
Among those spending less, 25% say it's because the economy is in bad shape, 21% cite higher prices or trouble paying bills and 17% want to save money. Meanwhile, 36% say they started shopping earlier than normal because they were afraid they might not get their gifts in time and 25% are concerned gifts might come late.
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