Five US Consumer Holiday Trends

Published 11 December 2023

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2 min read

Despite financial pressures caused by inflation, experts predict consumers will still spend extravagantly for the winter holidays this year. But while budgets are bigger, most people anticipate buying fewer gifts due to higher prices. And some are taking a softer approach by focusing on their wellbeing and staying at home to preserve their finances.

Key Stats

79%	In the US, 79% of consumers report changing their shopping behaviours by swapping to cheaper alternatives
72%	Among Americans, 72% are expecting higher prices for the 2023 holidays (versus 73% in 2022), despite moderating inflation
$1,652	On average, Americans plan to spend $1,652 on the 2023 winter holiday season, compared with $1,496 in 2019
+$709	High-income households in the US (earning $200k+ per year) intend to increase their holiday spending by $709 in 2023
$300	Americans plan to allocate a higher proportion of their holiday shopping budget to gift cards: $300, versus $217 in 2022
3/4	Three quarters of Americans are tempted to self-gift for the 2023 holidays
55%	In the US, 55% of consumers would like to receive a gift card in 2023, followed by clothing and accessories (49%), books and video games (28%) and beauty items (25%)
23%	Nearly a quarter (23%) of American shoppers plan to gift an experience for the 2023 holidays – up from 19% in 2019

Spending More on Fewer Gifts: Looking for ways to stretch their budgets, 79% of Americans report changing their shopping behaviours by swapping to cheaper alternatives (McKinsey, 2023), buying fewer gifts and looking to deals and promotions, driving Black Friday and Cyber Monday sales.
Approaching the Holidays Softly: In line with “soft living” – an attitude highlighted in 10 Work & Productivity Trends – some consumers are approaching the holidays in a more laid-back way. Regarding their wellbeing as a priority, they’re taking a step back from socialising, drinking and spending money leading up to the holidays. Dubbed a “holiday preset”, it means investing in one’s mental and physical health to be fully attentive during the celebrations.
Celebrating at Home: Those who intend to celebrate the holidays on a budget are planning to do so from their homes: 52% of Americans aren’t travelling overnight for the holidays this year (Bankrate, 2023). Look to our Christmas & Celebration 2023: Product Design report for this year’s décor trends.
High Incomes Drive Holiday Shopping: According to American consultancy Bain & Co, high-income households will propel holiday sales, accounting for more than 50% of spending this year (Bain & Co, 2023). Those earning $200k+ per year are expected to increase their spending by $709 – up 22% from 2022 (Deloitte, 2023). See 10 Luxury Trends to find out what appeals to this cohort.
Consumers Treat Themselves: As highlighted in Financial Wellness for the Inflation Era, consumers are tempted to treat themselves to small luxuries in times of financial squeeze. The phenomenon will also be true this holiday season, with 75% of Americans inclined to self-gift; but 53% will forego self-gifting if budgets become too constrained (Deloitte, 2023).