Some 35% of those surveyed by Morning Consult said they would set aside between $100 and $300 for holiday gifts this year, up from 31% in 2019.
Another 24% said they would lay out less than $100 on gifts this holiday season, an increase of 5 percentage points from last year.
A third of consumers will try to spend less on gifts and save money this holiday season. That’s because more than a quarter (26%) are concerned about the current economic downturn, 20% are worried about their own personal finances, and 18% are trying to pay down their debt.
Consumers are deploying tactics to curtail their spending on gifts this season.
- 24% will establish a budget for their holiday spending this year,
- 22% will compare prices more than usual, and
- 21% will give fewer gifts to family members.
Retail eCommerce Holiday Sales Growth, 2013-2020
Much of the money that is spent on holiday gifts will be transacted online.
US consumers will spend $190.47 billion this year on holiday ecommerce purchases, up 35.8% and representing an incremental $50 billion in sales versus 2019.
In-store holiday sales will decline by 4.7% to $822.79 million.
But online gains will entirely make up for these losses, resulting in growth of 0.9% for total holiday season sales, to $1.013 trillion.