Holiday spending statistics

Cheers to breaking the chimney, not your wallet.

Many Americans are cutting back on their spending this year because of economic inflation, making product prices higher than in previous years. Holiday spending this year is expected to reach $960 billion spent on gifts and travel, a $71 billion difference from the 2021 holiday season where American consumers spent $889 billion in total. In a recent holiday survey released recently by Deloitte, everyone is experiencing the effects of inflation across all economic classes. Of the consumers who spent more than usual this year, 51% found higher prices than prices in 2021. One-third of American seasonal shoppers think economic pressures will change how they spend this quarter. In total, customers are expected to spend upwards of $1,500 this month.

In a survey sent out to faculty and staff members, 90 of them answered earnestly about their feelings on festive finances. 42% of respondents expect to spend $1000 or more this season on travel, experiences, or physical gifts. In a separate query, 53% of contributors replied they expect to spend the same as they did last year. However, when asked on a scale of 1-10 (one being not worried and ten being very worried) how worried are you about economic inflation affecting how much you spend this holiday season? Many felt they were at an ‘8’. 86%, said they plan to spend this money on physical gifts as opposed to 13% who said they would spend on travel and experiences.

 With prices rising exponentially, it can be concluded that across the nation consumers are unable to get their money’s worth when spending the same as last year.  As a student, how worried are you about inflation?