Much like everything else, Covid is having an impact on how people are spending money this upcoming holiday season.
But not as much as you might think.
Wife & I don’t really buy stuff for each other anymore. Maybe a gift or two, but that’s about it. Nothing extravagant.
We’ll buy a tree, put up the lights, probably get her parents a gift, but that’s about it.
The first big study on holiday spending just came out and 1/4 of Americans plan to spend less on the holidays this year, but the average is still almost $1,400! That includes everything from gifts & decorations to food & travel expenses.
That $1,400 is only 7% less than our average. Some of the other stats from the survey:
- We’ll spend $487 on gifts, down 5% from last year
- Travel expenses are expected to drop 34% to $260, mostly due to fewer people flying.
- Non-gift purchases are going to be up 12% to $435 per family. This includes stuff like decorations & clothes we buy for ourselves(think “ugly Xmas sweater)
- We’ll spend $205 on at-home entertainment, which is about the same as we spent in 2019.
- 2/3rds of our holiday budget will be spent online. People are still nervous about shopping in person at a traditional store.
- 61% of people in this poll plan to start shopping before Thanksgiving.
For all the info from this study, click here.