According to Deloitte's 23rd Annual Holiday Survey of retail spending and trends, 59% of consumers expect to reduce their spending this holiday season. Higher food prices (73%) and higher energy prices (69%) were the top two reasons for spending less, outpacing the economy (61%) and job uncertainty (18%).
A record number of consumers say they are pessimistic about the economy. Over half of the respondents (53%) say they expect the economy to weaken next year, the highest in more than 10 years of asking this question, compared with 43% last year.
Categories in which spending is likely to be down the most from last year are
Home improvements
Home/holiday furnishings
Non-gift clothing
Socializing away from home
Charitable donations
Entertaining at home
Consumers also said they would buy fewer gifts this year, 21.5 gifts on average compared with 23.1 gifts last year, and they will spend an average of $532 on gifts this holiday season, down 6.5%.
For the complete summary, and links to more data from Deloitte, please visit here.
More from The Center for Media Research
A record number of consumers say they are pessimistic about the economy. Over half of the respondents (53%) say they expect the economy to weaken next year, the highest in more than 10 years of asking this question, compared with 43% last year.
Categories in which spending is likely to be down the most from last year are
Home improvements
Home/holiday furnishings
Non-gift clothing
Socializing away from home
Charitable donations
Entertaining at home
Consumers also said they would buy fewer gifts this year, 21.5 gifts on average compared with 23.1 gifts last year, and they will spend an average of $532 on gifts this holiday season, down 6.5%.
For the complete summary, and links to more data from Deloitte, please visit here.
More from The Center for Media Research
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