Facing the biggest inflation surge in 30 years, shoppers expect to spend 12% more this holiday season
It isn’t Thanksgiving yet, but more people are racing to spend more on their holiday shopping — and that’s just compared to a couple months ago.
This year, Deloitte said consumers will spend an average $448 in the Nov. 25 to Nov. 29 period, which includes Black Friday. That’s a 12% jump from $401 that consumers were estimated to spend during the same timeframe a year ago, Deloitte said. These quick-moving shoppers are acting now to avoid slim pickings later, with 70% saying they want to avoid out-of-stock notices. A year ago, 55% said they were shopping quickly to ensure they got the gifts on their wish list.
By comparison, when Deloitte researchers asked the same question last year, less than a quarter said they were planning to spend even more for the holidays than they were thinking several months earlier. Other numbers also point to a holiday season shopping splurge. Retail sales jumped 1.7% in October, topping expectations. The numbers from the U.S. Census Bureau showed the biggest gain since March, fueled in a large part by stimulus checks.
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