The first big study on holiday shopping just came out. And we're spending less this year, but not THAT much less. 4 in 10 Americans say they'll hang on to more of their cash this holiday. Which is the biggest drop since the Great Recession.
But we'll only spend 7% less on average... $1,387 per household. That includes everything from gifts and decorations, to holiday food and plane tickets. Here are six quick stats on how we'll spend and NOT spend our money this year...
1. We'll spend $487 on gifts. Down 5% from 2019.
2. Travel expenses will drop 34% to $260, because fewer people are flying.
3. Non-gift purchases are up 12% to $435 per family. That includes things like decorations and new clothes we buy for ourselves
4. $205 on at-home entertainment. That's roughly the same as last year even though we'll have fewer parties.
5. Two-thirds of our budget will be spent online. Just over half of people said the idea of shopping in stores makes them nervous. And curbside pickup is twice as popular.
6. 61% will start shopping before Thanksgiving. But you might spend more if you do. People who start shopping late end up spending around $400 less on the holidays than people who start early.
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