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01 November 2022 | Press Release
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Copy LinkAmid a year of economic uncertainty and high inflation, Americans appear to be approaching this holiday season somewhat cautiously. According to its Holiday Spending Survey, The Conference Board finds that US consumers intend to spend an average of $613 on holiday gifts this year, down from $648 last year. By contrast, consumers expect to spend more on related non-gifts items this year—$393 compared to $374 last year. This reflects high inflation and surging food prices in particular, which may be limiting spending on gifts.
Gift giving: The $613 consumers plan to spend on gifts in 2022 is down from the $648 they intended to spend last year:
Gift cards are set to see the biggest spending increase, followed by Toys & Games and Vacation & Travel.
Non-gift holiday items—such as food, decorations, and wrapping paper: The $393 consumers plan to spend on non-gift items in 2022 is up from their intended spend of $374 last year.
These changes likely reflect the uncertain economic outlook, rising prices—in particular food and gas–and consumers’ shift away from durables to services as pandemic behaviors abate. About 6 in 10 expect to pay more for gifts and food.
“Consumers are entering the holidays in a somewhat cautious mood this year,” said Lynn Franco, Senior Director of Economic Indicators at The Conference Board. “The Conference Board Consumer Confidence Index® decreased in October, after back-back-back monthly gains, as economic uncertainty and inflation continue to afflict consumers. Consumers appear to be rebalancing their budgets and priorities by reducing their gift-giving circles to help offset the higher costs of non-gift items, in particular food. Given this challenging landscape, retailers have already begun countering by offering shoppers earlier than usual discounts, sales, and incentives.”
Consumers have returned to pre-pandemic norms in how they plan to spend their holidays and where they plan to make their purchases:
Source: The Conference Board Consumer Confidence Survey®, October 2022
About The Conference Board
The Conference Board is the member-driven think tank that delivers Trusted Insights for What’s Ahead®. Founded in 1916, we are a non-partisan, not-for-profit entity holding 501 (c) (3) tax-exempt status in the United States. www.conference-board.org • Learn more about our mission and becoming a member
