It’s the most wonderful time of the year. No, not Toyotathon, it’s time for holiday shopping. No surprise, we’re expected to spend more than ever before.
Here’s Five Fast Facts on Holiday Spending:
- 🎄 JIngle Bells - America is on track to spend between $957B and $966.6B on holiday gifts. Last year we spent $929.5B, which was an all-time record.
- 🎁 Silent Night - Taking it down to the personal level, we’re expected to spend $875 per person this year. Last year, it was $833 per person.
- 💰 Carol of the Bells - Online shopping is projected to bring in between $273.7B and $278.8B. In 2022, we spent $255.8B.
- 🛷 Little Drummer Boy - Americans spend an average of $123 on their spouses. So now it’s time to see who loves who more by spending more than that amount.
- 🎅 Santa Claus Is Coming To Town - The top four gift categories consumers are expected to spend are gift cards, clothing, books, video games/other media, and personal care/beauty items.
🔥Bottom line: Inflation isn’t slowing us down at all and the numbers show that. We love spending on holiday gifts and decorations (but that’s another article) and it’s going to take something drastic to stop us from forking over the money.
How much are you spending this year?
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