Rather than shopping in department stores and visiting Santa at the mall, this year’s holiday season is going to look a little different. You’ll likely be spending more time with your closest loved ones and exchanging gifts you ordered online. With the events of 2020, many have experienced unexpected changes in employment, income, and even health so the holiday budget is top of mind. To figure out what gifting budgets may look like this year, we ran our own holiday survey and collected 26 holiday spending statistics.
In 2019, roughly 729 billion dollars was spent during the holidays. This topped the charts, making it the biggest holiday season. This number may come as no surprise when you account for everyone on your shopping list. From your coworkers to family, holiday budgets can stretch thin to accommodate for everyone.
Wondering what others are spending on holiday gifts? Keep reading for our holiday spending statistics roundup, or jump to our infographic for our budget-friendly gifting etiquette for the workplace.
Average Christmas Spending
- The average American planned to spend $942 on holiday gifts in 2019. (Gallup)
- Last year, Americans spent $227.26 on non-holiday gift purchases such as decorations. (Alliant Credit Union)
- Americans decide their holiday gift spending based on how close they are to the gift recipient (58 percent) and whether or not they’re family (28 percent). (Mint 2020 Holiday Survey)
- Over 50 percent of holiday spending goes towards clothing and accessories. (Avant)
- In 2019, holiday retail sales soared past $700 billion, making it the biggest holiday shopping season. (Statista)
Holiday Spending Statistics and Trends
- Americans were holiday shopping early in 2019, with 43 percent starting in November. (Black Friday)
- On average, 64 percent of holiday shoppers waited for a sale before making a purchase in 2019. (American Research Group)
- In 2019, 59 percent of wish lists included gift cards. (National Retail Federation)
- More than half of Americans would rather have cash over a gift. (Mint)
- In 2019, 67 percent of shoppers were spending the most on holiday gifts for their children. (Black Friday)
- Pet lovers are also big shoppers. In 2019, 77 percent of pet owners planned for their pets to be part of their holiday festivities. (The Dog People)
Holiday Spending 2019 vs. 2020
- Fifty-one percent of Americans plan to spend the same on holiday gifts in 2020 as they did in 2019. (Mint 2020 Holiday Survey)
- Roughly 40 percent of holiday shoppers plan to spend less this year, and 8 percent plan to spend more. (Mint 2020 Holiday Survey)
- Over half of consumers are opting out of retail shopping due to health risks. (Accenture)
- Seventy-four percent of people agree that events will only include a small get-together. (Morning Consult)
- In addition, 47 percent of adults agree that holiday events will be canceled. (Morning Consult)
Holiday Retail Sales
- In 2019, 38 percent of shoppers planned to browse in-store displays for inspiration. (Black Friday)
- In 2019, holiday ecommerce sales increased by 13 percent with roughly $142 billion dollars spent. (Adobe)
- Cyber Monday, a special day for holiday ecommerce discounts, totaled $7.4 billion spent in 2019. (Adobe)
- Sixty-one percent of holiday shoppers in 2019 used a smartphone to complete an online order. (Thinking With Google)
- On Black Friday in 2019, more than two-thirds of holiday shoppers made impulse purchases. (Bluecore)
Holiday Budget Statistics
- Ten percent of Americans budget for gifts based on how much the gift receiver spends on them. (Mint: Holiday Survey 2020)
- Eighteen percent of Americans are trying to pay down debt this holiday season. (Morning Consult)
- Twenty-one percent of customers say they will be giving out fewer gifts this holiday. (Morning Consult)
- Thirty-three percent of adults are trying to spend less and save more due to COVID-19. (Morning Consult)
- People’s 2019 holiday budgets fluctuated based on where they lived. Urban shoppers planned to spend roughly $200 more than rural shoppers last year. (NPD)
Whether you’re planning to spend more or less this holiday season, check in on your budget as you go. Using our app, you can set a specific budget and get notifications when you go over. You can also check in on your financial goals each week using our weekly summary updates.
Methodology: This study was conducted for Mint using Google Surveys. The sample consisted of no fewer than 1,500 completed responses per question. Post-stratification weighting has been applied to ensure an accurate and reliable representation of the total population. Responses were collected October 23 – 27, 2020.
Source link: https://mint.intuit.com/blog/money-etiquette/holiday-spending-statistics/ by Mint at mint.intuit.com