The holiday season is just around the corner, and with it comes the hustle and bustle of shopping, gifting, and celebrations. But have you ever wondered how much people actually spend on holidays? What are the popular gifts this season? And how do these spending habits vary across demographics? In this blog, we will take a look at the 14 best holiday spending statistics.
How do we collect these statistics?
The data portrayed below was collected from Market research firms such as the National Retail Federation, Forbes, and Today's Home Owner.
14 essential holiday spending statistics to know
Let's dive into the world of holiday spending statistics and uncover some interesting trends.
- Black Friday spending in 2023 amounted to a record $9.8 billion, a 7.5% increase from 2022. [Source: Todayshomeowner]
- Buy Now Pay Later is becoming more popular with shoppers, with a total of $79 million in BNPL purchases on Black Friday. This is a 47% increase from 2022. [Source: Todayshomeowner]
- Online and other non-store sales, which are included in the total, are expected to increase between 7% and 9% to a total of between $273.7 billion and $278.8 billion. That figure is up from $255.8 billion last year. [Source: NRF]
- Last year, average consumer holiday spending amounted to $1,430. This figure is expected to rise by 7% to $1,530 in 2023. [Source: Todayshomeowner]
- The use of artificial intelligence may be on the rise, but 79% of holiday shoppers say they have little confidence in the retail industry’s ability to use the tool responsibly. [Source: Todayshomeowner]
- While millennials — many in their peak earning years — are still at the top of the holiday spending heap, Gen Z consumers (17-25 years old) are on the cusp of expanding theirs. They will spend $1,275, 15% more than 2022 and the widest percentage increase of any age group. [Source: PWC]
- Between 345,000 and 450,000 seasonal workers will be hired to accommodate retailers’ needs for more staff during the holiday season. [Source: Todayshomeowner]
- More than 50% of consumers think inflation or the economy will impact their holiday spending, including Christmas season spending, in 2023. [Source: Todayshomeowner]
- During the festive season, the most significant portion of Americans’ expenses goes toward food or celebratory meals, with 51% identifying it as one of their biggest expenses. Alcoholic beverages, either in tandem or separate from events, will also be a significant expense for 41% of survey respondents. [Source: Fobes]
- The 27% of holiday shoppers categorized as high spenders will account for 68% of all holiday spending. [Source: Todayshomeowner]
- Eighty-one percent of Americans intend to give at least one gift during the holiday season. [Source: Todayshomeowner]
- Despite a slower growth rate compared with the past three years, when trillions of dollars of stimulus led to unprecedented rates of retail spending during the pandemic, this year’s holiday spending is consistent with the average annual holiday increase of 3.6% from 2010 to 2019. [Source: NRF]
- To celebrate the winter holiday, more than 95% of Americans plan to make some sort of purchase. [Source: Todayshomeowner]
- In 2023, according to the Deloitte 2023 holiday survey, the average consumer plans to spend $300 on gift cards. This is an increase from the 2022 average of $217, and inflation is believed to be the reason more people are choosing gift cards as gifts. [Source: Todayshomeowner]
Conclusion
By analyzing these statistics, we can gain insights into the trends and patterns that shape holiday shopping. From the average amount spent per person to the most popular items purchased, these statistics provide valuable information for businesses and consumers alike. If you're planning your marketing strategy, understanding these holiday spending statistics can help you make informed decisions. So, as you prepare for the festive season, keep these insights in mind and make the most of your holiday shopping experience.
