Holiday spending statistics 2023
A third of Americans are cutting back on gift giving this holiday season.
The holiday season is right around the corner, and while 77% of American adults say they’ll be buying gifts this holiday season, about a third (34%) say they’ll be toning down how much they’re spending in 2023.
Who is buying gifts?
Women are far more likely to be shopping for gifts this holiday season, with 84% of women saying they’ll be buying Christmas presents compared to just 69% of men.
Graphic sourceGen Y (81%) and gen Z (80%) are the generations most likely to be in the giving spirit, while only 67% of baby boomers will be handing out presents on Christmas day.
Graphic sourceBoth the East North Central region (Illinois, Indiana, Michigan, Ohio and Wisconsin) and West South Central region (Arkansas, Louisiana, Oklahoma and Texas) are home to the most generous gift-givers, with 80% planning to shop for gifts in 2023.
Graphic sourceHow many gifts will Americans be buying in 2023?
The majority of Americans, a combined 57%, will be buying 5 or fewer gifts in the 2023 holiday season. However, 1 in 10 say they will be buying Christmas gifts for 11 or more people in 2023.
Graphic sourceHow much will Americans spend on holiday gifts in 2023?
The bulk (42%) of Christmas shoppers in the US say they will spend somewhere between $20 and $49 on holiday gifts in 2023.
Graphic sourceWhile men may be planning on giving fewer gifts this Christmas, they are planning to spend more, with 50% saying they will be spending $50 or more on presents, compared to only 37% of women who say their holiday spending will exceed $50.
Graphic sourceBaby boomers (48%) are the generation most likely to be buying Christmas gifts worth $50 or more, while 4% of gen Z say they’re shopping for gifts worth less than $10.
Graphic sourceThe Mid-Atlantic is home to the most generous Christmas shoppers, with almost half (48%) planning to buy a gift worth over $50.
Graphic sourceOne in three say their holiday spending habits have changed
A combined 34% say they will be spending less on Christmas in 2023 than in previous years, with 21% saying they plan to spend a little less and 13% saying they’re spending a lot less.
Graphic sourceWomen (39%) are more likely to be cutting back on Christmas spending than men (28%).
Graphic sourceYounger generations are planning on reigning in their Christmas spending, with 44% of gen Z and 38% of gen Y cutting back on their holiday spending.
Graphic sourceChristmas budgets are being tightened the most in the East South Central region (Alabama, Kentucky, Mississippi and Tennessee), where 42% say they’re spending less on average than they did for Christmas in 2022.
Graphic sourceWhy are people cutting back on holiday gifts?
Over three in five (63%) of those cutting back on gift giving in 2023 say they’re doing so due to inflation, with a little over half blaming a tighter budget.
Graphic sourceHow are most Americans paying for their Christmas gifts?
The holiday period in 2023 will come at a price. The cost of a Christmas tree this year is projected to rise by about $87, and an estimated 132 million Americans plan to shop the pre-holiday sales (such as Black Friday and Cyber Monday) in 2023.
Credit card balances are already at their highest level ever, with US consumers currently owning $1.08 trillion. And that number will no doubt increase following the holidays, with a little over half (56%) saying they plan to pay for at least some of their Christmas presents using a credit card.
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