PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

Holiday Spending to Exceed Pre-Pandemic Levels Despite Inflation

By Connie Diaz De Teran
November 21, 2023
in Analysts Coverage, Holiday Shopping, Merchant
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
holiday shopping

A recent study found that holiday shoppers are expected to shop big this year, matching 2019 spending levels, despite moderate inflation, higher prices, and tighter budgets.

The study from Deloitte reveals that consumers are ready to bring on the holiday cheer, and are projected to spend 14% more year-over-year, with average spending reaching $1,652. This exceeds pre-pandemic spending for the first time. Overall, more consumers (95%) said they plan to shop this year compared to the 92% of consumers who said as much in 2022.

Both middle- and high-income groups plan to splurge this year. Among those in the $50,000 to $99,000 income group, Millennials are likely to spend an average of $1,949, an increase of 33% year-over-year.

For those making more than $200,000, Deloitte found that women are likely to spend 23% more than men.

While holiday spending is expected to increase, there is still a segment of the consumer base that will be cautious with their spending this year. Indeed, consumers saddled with student loan repayments will be tightening their purse strings this year, with 48% respondents saying that they will need to limit their holiday purchases, while slightly fewer (37%) also said they’ll need to cut back on non-holiday purchases.

Amid Inflation, Retailers Should Meet Consumers Where They Are

As consumers continue to battle with rising costs in consumer goods and groceries, the key for retailers to win this holiday season is to offer budget-conscious consumers the best bang for their buck. This means offering the best promotions and deals during the big holiday craze taking place during Black Friday and Cyber Monday, as 66% consumers have said they plan to shop then.

What’s more, time will be of the essence as holiday shoppers plan to wrap up their shopping sprees a little earlier this year, in 5.8 weeks, as opposed to 7.4 weeks, which was the average pre-pandemic.

More retailers are hoping that shoppers spend a little more this year and are leveraging various advertising channels to drive up sales. In its holiday sales and 2023 forecast, the National Retail Federation said they expect record level holiday spending during November and December, reaching between $957.3 billion and $966.6 billion—an anticipated growth between 3% and 4% compared to a year prior.

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: Black FridayDeloitteHoliday SpendingInflationMillennialsNational Retail Federation

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    gift card strategy

    The Gift Card Shift: From Convenience to Core Shopping Strategy

    February 18, 2026
    Tina Shirley

    From Cross-Border Payments to Community Banks: The Future of Zelle®

    February 17, 2026
    Startups: Fintechs Data Streaming Technology in Banking, corporates Enriched Data vs Faster Payments

    Fighting Fraud in the Era of Faster Payments

    February 13, 2026
    cross-border payments

    Solving for Fraud in Cross-Border Payments Requires Better Counterparty Verification

    February 12, 2026
    agentic commerce

    Demystifying the Agentic Commerce Enigma

    February 11, 2026
    payment gateways

    How Payment Gateways for Businesses Can Help You Offer Your Customers More Options

    February 10, 2026
    Reserve Bank of India (RBI) Extends Mandate for Tokenization to June '22

    Late Payments? Governments Are Taking Action

    February 9, 2026
    ai phishing

    The Fraud Epidemic Is Testing the Limits of Cybersecurity

    February 6, 2026

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result