A survey shows Americans expect to spend more on holiday gifts this year than in previous years. Gallup poll released Wednesday.
The survey, conducted Nov. 6-20, found that Americans expect to spend an average of $1,012 on Christmas and holiday gifts this year, just down from the $975 Americans expected to spend on presents last year. increased to
Spending expectations jumped even further last year, with Americans expecting to spend an average of $867 in 2022. In the previous three years, spending expectations were more stable. In 2021, Americans expect to spend $886. In 2020, Americans expect to spend $852. And in 2019, Americans expected to spend $846.
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Accounting for inflation, this year's spending estimates are only slightly higher than last year.
The Hill calculates that, given October's annual inflation rate of 2.6% as reflected in the Consumer Price Index, this year's expected spending of $1,012 would be worth $985 after inflation — a fraction of the value. It's only a $10 increase.
The survey also measured Americans' perceptions of their holiday spending. Gallup asked respondents how much they expected to spend on gifts this year, then asked whether their estimated amount was more, less, or about the same as the amount they spent on gifts last year.
Most Americans, 55%, expect to spend about the same amount on gifts, a slight increase from 53% last year and 48% in 2022.
However, the share of Americans who expect to spend less this year than last year continues to decline, with 23% saying they plan to spend less this year than last year, compared to 27% and 33% last year. decreased from percent of the previous year.
19% of Americans expect to spend more on gifts this year than last year, the same as the 19% who said the same last year. This is the highest level recorded by Gallup since 1999.
The survey included 1,001 U.S. adults and had a margin of error of 4 percentage points.
