While high inflation is a very real concern for American consumers this year, a new survey from Deloitte shows we’re still willing to spend.
Consumers will be shelling out an average of $1,652 this season, surpassing pre-pandemic levels for the first time, the company’s experts say.
While 95% of those polled say they’ll be in the seasonal spending mood this year â versus 88% in 2021 â 75% are already bracing for higher prices.
As a result of that, the pollsters say, American consumers are looking to limit the amount of time they’re shopping from 7.4 weeks before the pandemic to just 5.8 weeks, taking advantage of as many sales as possible along the way.
Also, rates of saving have dropped since the pandemic, and 17% of those polled note the new expenditure of student loans coming due are going to force them to cut back with the gift giving.
Overall, the respondents say they’re also cutting back, giving eight gifts instead of the nine they gave last year, and spending more on gift cards than they did in 2022.
That said, 26% in the $50Kâ$99K income range and 22% making $200,000 a year or more say they’re splurging this year.
Survey questions, methodology and results have not been verified or endorsed by ABC News or The Walt Disney Company.