Numbers don’t lie
The shopping season is in full swing, and consumers are actually increasing their budgets. According to Gallupp, Americans are planning to spend around $975 on presents this year, which is $52 more than what they expected back in October. Talk about stretching those budgets!
Now you might be thinking, “Wait a minute, if consumer sentiment is decreasing, why are people still willing to spend big?” Well, the numbers don’t lie. This year has seen some jaw-dropping online sales on Black Friday and Cyber Monday, breaking records left and right. But here’s the interesting part: this shopping boom isn’t just benefiting e-commerce companies. In fact, 56% of shoppers believe they’re more likely to hit up physical stores in December than any other month of the year. Looks like we still love that in-person shopping experience!
What’s driving this trend? Procrastination might be playing a big role. Nearly half of shoppers are planning to do all or most of their gift buying this month. And hey, even if they’re a bit behind, 90% of shoppers will still buy at least some of their gifts in December. Better late than never, right?
This year, holiday gift budgets have seen a significant increase of $100 compared to 2022, according to Gallup’s survey. That’s a clear sign that Americans are feeling extra generous this holiday season. And retailers are taking notice. Stores like Target (TGT) and Kohl’s (KSS) are opening earlier and closing later to accommodate the shopping frenzy.
The Excitement Continues
What’s really interesting is that this bucks the trend we’ve seen in previous years. Normally, shoppers’ budgets tend to decline as we get closer to the end of the season. But not this time! With the remaining weekends in December, including the highly anticipated Super Saturday just two days before Christmas, it looks like this year’s record-breaking Black Friday and Cyber Monday might have some competition.
If you’re still on the hunt for those perfect gifts, don’t worry. There’s still plenty of time to join in on the holiday shopping boom. Happy shopping, everyone!
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