Americans are planning on celebrating Christmas like it’s 2007.
A recent November survey by Gallup found that US adults are planning on spending about $US830 on average on Christmas gifts this year.
That’s a huge jump from last year’s $US720 average.
Notably, American consumers haven’t suggested a number that high since November 2007 when they were planning on spending $US866 on average.
This positive look at holiday spending comes at a time when retailers have been starting to get antsy about consumers’ spending habits this past autumn. (Although, admittedly, this could also be partially attributed to consumers shifting away from malls towards e-commerce.)
So, this new data is a bit of a mood-booster.
“Regardless of whether Americans follow through with their higher spending intentions, the fact that they are in the mood to do so is a positive sign for the nation’s retailers at the end of a slow year,” notes the report.
Interestingly, back in October, Gallup conducted a similar survey where they found that Americans planned on spendintg $US812 on average for the holiday season. And
that number was the highest seen in any October since 2007.
“The consistency between the two months is a bit unusual, as Gallup typically finds Americans scaling back their spending plans between October and November,” the report stated.
But, in any case, looks like this holiday season might be big for consumers.
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