Many American families are not planning to increase their spending, or spend at all, for the upcoming Christmas season, according to London-based consulting firm Deloitte. Deloitte’s latest annual Holiday Retail Survey shows that, with supply chain issues and growing worries about inflation, 11.5 percent of overall consumers say they do not plan to spend on holiday shopping at all. That’s more than double from 2020 (4.9 percent) and nearly quadruple from 2019 (2.9 percent). The report also finds that higher-income households are planning to spend five times that of lower-income households. Holiday shoppers from higher-income households plan to spend 15 percent more than they did last year (averaging $2,624 per household), while lower-income groups are expected to spend 22 percent less (averaging $536 per household). Two-thirdsĀ (65 percent) of the aforementioned non-spender group are from lower-income households, compared to 12 percent from higher-income households. Overall, the report estimates that holiday spending …
11.5 Percent of US Households Plan Not to Spend on Holiday Shopping, More Than Double From 2020
October 22, 2021
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