Despite ongoing concerns about inflation, Americans are gearing up for a festive holiday season, according to a new report from Deloitte. The consulting firm predicts that the average household will spend nearly $1,800 on the holidays this year, an 8% increase from last year.
Experts say Americans are feeling more optimistic about the economy, with many shifting their spending toward experiences rather than material gifts. The report also forecasts a roughly 9% rise in spending on holiday decorations and party attire.
While most people acknowledge that higher prices are inevitable, many plan to cut back on personal spending to prioritize holiday-related expenses, the report noted.
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