The amount American consumers expect to spend for Christmas is up sharply from last November, suggesting a strong holiday shopping season ahead.
According to Gallup, consumers plan to spend an average $862 on Christmas gifts this year, $110 more than this time last year and the second highest average in 10 years.
“Gallup modeling shows that big year-over-year increases, such as this year’s, are usually associated with strong holiday shopping seasons,” the report notes. “That means holiday spending growth in 2017 could exceed the estimated 3.6 percent growth that, according to the National Retail Federation, occurred in 2016.”
According to the survey, 34 percent of U.S. adults expect to spend $1,000 or more on Christmas gifts this year, slightly more than the 30 percent in the top spending category a year ago. Another 22 percent say they will spend between $500 and $999; 15 percent will spend between $250 and $499; and 18 percent will spend less than $250. Nine percent of U.S. adults say they don’t celebrate Christmas or won’t be spending anything, while 2 percent are unsure.