Americans want to increase holiday spending despite economic concerns
Americans plan to spend more money on holiday gifts this year despite growing concerns about the state of the economy. According to a recent survey, the average American expects to spend $975 on Christmas or other holiday gifts, up from $923 in October and up $100 from last year. This is the highest level of holiday spending since Gallup began tracking this data in 1999.
The survey's findings come as a surprise, as a majority of Americans (71%) consider the country's economic conditions to be poor, with 38% rating them as very poor. The economy and cost of living are also cited as the top problems facing America by nearly 40% of respondents.
Despite these concerns, Americans still plan to indulge in holiday shopping. This increase in spending could be attributed to attractive retailer promotions and record discounts during Black Friday and Cyber Monday. Online shopping saw a significant boost during these events, further contributing to the expected increase in holiday sales.
The survey also revealed that middle-income Americans are leading the charge to increase spending, with plans to spend $200 more than last year. Women and younger adults (under 35) are also expected to increase their vacation spending compared to previous years.
While the overall spending outlook is positive, lower-income Americans have slightly reduced their spending plans from $477 to $429.
The survey findings suggest that holiday sales could increase by 6% to 9% this season, compared to an average increase of 6.2% between November and December 2022.
Despite economic uncertainties, the upcoming holiday season is poised to see an increase in consumer spending, driven by various factors such as promotions, discounts and the desire for festive cheer.
the mail Americans want to increase holiday spending despite economic concerns appeared first NewsGPT.ai.
Español de Venezuela 
English 