Christmas is the biggest celebration and one of the significant holidays in the USA, which is evident from the Christmas spending statistics of Americans. This is the time of the year when people get together with their family, share gifts, and spend quality time with each other. So, it is the best time of the year to spend on the fun things you can enjoy. But, exactly how much money are Americans spending on Christmas this year?
Last year during Christmas, holiday retail sales exceeded the trillion-dollar mark, with each American household spending an average of $1536. National Retail Foundation forecasted that despite the pandemic, this November and December holiday sales would increase between 3.6% and 5.2% than 2019. It seems consumers are eagerly spending five times more on gifts, prioritizing their family over themselves. As NRF President and CEO Mathew Shay states, “Consumers have shown they are excited about the holidays and are willing to spend on gifts that lift the spirits of family and friends after such a challenging year.”
Holiday Gifts and Self-spending
According to NRF’s consumer spending survey, Americans are likely to spend an average of $997.79 this year, which was $$1007. 24 last year. There are three categories the spending falls into:
- Gifts for family, friends, and coworkers: $650
- Non-gift holiday purchases like food, greeting cards, and decoration: $230
- Self-spending or purchases for themselves and their families: $117
It is quite interesting to see people are spending more on gifts than buying for themselves. Maybe it’s an emotional way to skip the stress and uncertainty of the pandemic.
Christmas Shopping: Online vs. Offline
This year, online shopping was the first choice for consumers. From NRF’s perspective, online and other non-store sales will increase between 20% to 30%, which means between $202.5 billion to $218.4billion, up from $168.7 billion last year. Based on the statistics of Deloitte:
- More than 60% of people in the USA prefer buying gifts online. The number of shoppers spending online is increasing day by day as it is fast, easy, and allows you to avoid the crowd, which is a blessing during COVID.
- 23% of Christmas shoppers in the USA rely on social media to make the right buying decision.
- And, high-income households are more likely to shop online for Christmas gifts. According to the research, 59% of high-income households do their holiday shopping online than 45% of low-income families. In fact, 53% of the middle-income earners like to do their Christmas shopping online.
That doesn’t mean in-store purchases have lost their charm.
- 60% of U.S shoppers choose to shop at brick-and-mortar stores because it allows them to interact with the products. The best part of traditional shopping is you can check if the product is faulty, damaged, or misrepresented.
- 66% of Americans say they will research online but will buy gifts from brick-and-mortar stores.
Christmas Spending Previous Years: The Amount
According to the statistics:
- In 2018, U.S households spent, on average, $1536 during the Christmas holiday. In 2019, this dropped to $1496.
- Holiday retail sales in 2018 surpassed $1 trillion, and in 2019 it increased by around 4.5%. In 2014, the overall amount was $842. 37 billion. It depicts how much Christmas spending has risen by 5 years.
- Americans are likely to spend an average of $123 on their spouses every Christmas. And the stat shows, men spend around $20 more on their partner than women do. More on a depressing note, the stat shows, Americans don’t spend anything on their adult children, and more than 35% don’t buy gifts for their friends.
Buying Habits of Americans
However, you can assume how much Americans spend on Christmas by their buying habits. Based on the statistics:
- 62% of Americans buy their gifts in the week before Christmas. 7% of people do their shopping the day before Christmas, and 4% are smarter to buy gifts after the holidays pass. It seems most people wait for the Christmas deals and discounts.
- 28.8% of shoppers start their Christmas shopping in November.
- More interestingly, 19% of Americans spend their money on completely unplanned purchases. The stat reflects how effective marketing strategy the retailers imply to draw customers during holiday seasons.
- 51% of shoppers buy gifts for themselves too.
- 60% of holiday shoppers value a straightforward return policy.
- 66% of shoppers pay more for sustainable products.
This year, things aren’t the same as the previous years. The pandemic hit with a heavy toll and affected every sector of life. Undoubtedly, Christmas spending has been affected by the pandemic as well. Still, Americans will enjoy a safe Christmas holiday by spending it in a different way.