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06 November 2023 | Press Release
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Copy LinkAccording to The Conference Board Holiday Spending Survey, US consumers plan to spend an average of $985 on holiday-related items in 2023, less than the $1,006 reported in 2022. As part of this total, consumers intend to spend an average of $654 on holiday gifts, up 6.7% from $613 last year. By contrast, consumers expect to spend much less on holiday-related non-gift items this year—only $330 compared to $393 in 2022, a 16% decline.
“October’s Consumer Confidence Index® suggests Americans are entering the holiday season in a somewhat cautious mood, with the overall, present situation, and expectations indexes all seeing dips,” said Dana M. Peterson, Chief Economist at The Conference Board. “The softening in confidence may have affected overall holiday spending plans. Planned spending on non-gift items fell materially this year. Notably, food—a common non-gift holiday item—is expected to cost more this year compared to last, which may have lowered consumers’ desire to purchase non-gift items. However, consumers still seem to want to engage in some holiday cheer, as reflected in a rebound in gift spending after last year’s slump. The uptick in intended gift-giving is despite consumers’ expectation of higher costs for such items.”
Peterson added: “Consumers under 45 years of age are planning to spend less on gifts this year compared to last, while consumers 45 and older expect to spend more. Slightly more consumers plan to purchase the majority of their gifts online compared to last year. Among gift categories, consumers are more likely to purchase gift cards, vacation and travel, and toys and games. Home décor, beauty products, and books/music/DVDs are less popular gifts compared to last year. Few consumers plan to travel for the holidays, but if they do, it will be by automobile.”
Costs for holiday food and gifts are expected to be higher:
Older consumers plan to spend more on gifts this year, while younger consumers are cutting back:
Consumers are heading back online for gift-shopping:
Purchasing patterns reveal a penchant for gift cards and travel:
Consumers plan to stay home for the holidays:
Media Contact: JLiu@tcb.org
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. ConferenceBoard.org.
Media Contact:
Joseph DiBlasi
jdiBlasi@tcb.org
