Have a Holly Jolly Holiday — Merchants Count on it

Gallup did a poll in October on holiday spending plans. While we’re not likely to spend more than last year, we’re also not going to spend less. At least on the surface, government, banks and others managing the economy have to be pleased with the results.

• 86% of us are planning on buying gifts this year
• The average outlay on gifts planned this year is $1,007
• Last year it was $1,014
• It’s way up from the $923 average in 2023

When Gallup broke the average numbers down things looked a little different:

• 31% will spend up to $499
• 18% claim they’ll be spending between $500 and $999
• 37% will spend $1,000 or more
• 5% aren’t sure what they’re going to spend
• 8% aren’t going to spend anything and won’t celebrate the holiday

Or — and this is the bottom-line on the topic — most say they’ll be spending what they spent last year. No more. No less.

• 56% say they’re going to spend the same
• That’s down 4 points from the 60% average we’ve seen since 2006
• 19% think they’ll spend more
• That’s above the average of 14% since 2006
• 23% say they’re going to spend less and that matches the trend since 2006

Then there’s the income breakdowns.

• Households with $100,000 of income or more will spend $1,479 compared to $1,403 last year
• Middle income earners will spend $847 which is close, but still down a bit, to last year’s $902
• Incomes of less than $50,000 will spend $651, down $100 from last year

Incomes of $100,000 or more

Will spend more

2025: 23%

2024: 18%

About the same

2025: 58%

2024: 59%

Will spend less

2025: 18%

2024: 19%

Incomes $50,000 to $99,999

Will spend more

2025: 17%

2024: 15%

About the same

2025: 58%

2024: 54%

Will spend less

2025: 25%

2024: 29%

Incomes of less than $50,000

Will spend more

2025: 18%

2024: 28%

About the same

2025: 50%

2024: 40%

Will spend less

2025: 30%

2024: 28%

Source link: Gallup — https://bit.ly/4id4twc