The holiday season is in full swing and the endless sales have begun. You’re curating your shopping list for family and friends, and like the jolly man himself, checking it twice. And according to recent statistics, items for your home are most certainly on that list.
Compared to 2022, holiday shoppers are expected to spend 25% more on clothing, home furnishings and decorations this holiday season.3 Wondering what other spending trends to expect this year? Check out these key holiday spending statistics for 2023.
Key Holiday Statistics
Certain trends are to be expected during the holiday season, and spending and travel are two that you should keep a close eye on. Holiday spending habits may continue to follow its typical trend to increase, but the overall amount is expected to increase less than it has over the past five years. However, even if the rate of increase is lower, retailers continue to gear up for the annual holiday rush.
- Black Friday spending in 2023 amounted to a record $9.8 billion, a 7.5% increase from 2022.15/16
- Buy Now Pay Later is becoming more popular with shoppers, with a total of $79 million in BNPL purchases on Black Friday. This is a 47% increase from 2022.16
- According to the National Retail Federation, holiday spending is expected to reach $957.3 billion to $966.6 billion in 2023, 3% to 4% more than in 2022 — the smallest annual increase since 2018 to 2019.2
- Last year, average consumer holiday spending amounted to $1,430. This figure is expected to rise by 7% to $1,530 in 2023.1
- The use of artificial intelligence may be on the rise, but 79% of holiday shoppers say they have little confidence in the retail industry’s ability to use the tool responsibly.3
- On average, one in four of all flights will either be delayed or canceled during the holiday season.9
- Between 345,000 and 450,000 seasonal workers will be hired to accommodate retailers’ needs for more staff during the holiday season.17
Holiday Travel Spending Statistics
Millions of Americans will travel to visit family and friends during the holiday season. The total number of Thanksgiving travelers was up 7% compared to last year, yet cost continues to impact future travel plans.13 With flying and travel expenses on the rise compared to the past few years, cost has become a major reason why some holiday-goers plan to celebrate at home this year.
- It’s projected that for the 2023 holiday season, travel-related spending will be up 12% over that of 2022.1
- Fifty percent of American adults — up from 44% in 2022 — say they will spend money on flights or hotel stays in the 2023 holiday season.4
- Sustainable travel options have become a priority for 57% of holiday travelers.1
- On September 19, 2023, the average cost for a plane ticket this Christmas season was $400. Although this is down $52, an average of 12% from 2022, it’s still up 29% from 2019.7
- More than one in five holiday travelers (21%) have bought or plan to buy travel insurance for their upcoming holiday trips.4
- Forty-three percent of respondents to a survey conducted by MarketWatch Guides believe that the cost of flying has become too expensive, and 38% report the need to save money for holiday expenses due to rising costs.9
Holiday Shopper Trends
Despite worries that the economy will impact holiday spending, many consumers are still expected to spend more on holiday goods than they did last year. As a trend that continues from years prior, online shopping will reign supreme this holiday season as many consumers strategically fill their carts to meet the minimum to obtain free shipping.
- Forty percent of consumers will spend more this holiday season than they did in the 2022 season.1
- More than 50% of consumers think inflation or the economy will impact their holiday spending, including Christmas season spending, in 2023.5
- According to a survey by Numerator, most consumers will choose online shopping over in-person shopping for the 2023 holiday season.5
- Depending on what the minimum order value is, 80% of consumers will meet it if it means they get free shipping on an item purchased. If there are hidden shipping costs, 60% of consumers will abandon their cart and not proceed to checkout.3
- Generative AI is predicted to be used by 16% of consumers this holiday season as a way to find the best price for products or find the right gift for a loved one.3
Holiday Decoration Statistics
The best way to get into a festive mood is to decorate your home for the holidays, and outdoor lights seem to be a fan favorite. Whether you’re hanging lights from your gutter guards or blowing up an inflatable in your front yard, decorating for the holidays is a tradition people look forward to every holiday season. To find out homeowner habits when it comes to holiday decor, we surveyed homeowners like you (reflected in statistics 19 to 22 below).
- On average, Americans who display outdoor decorations spend $384 on them.14
- Among those who choose to decorate, men spend an average of just under $490 on outdoor decoration, whereas women spend an average of $292 (66% less than men).14
- If those planning to decorate use professional services to put up holiday lights and decor, the average budget is $1,023.14
- Of those decorating, 44% plan to take down their holiday decorations the first week of January.14
- According to a survey by rockethomes.com on holiday decoration spending, 57% of survey respondents decorate with tree lights, and 56% decorate with smaller home adornments such as ornaments, tinsel, and ribbon.6
Holiday Spending Statistics
Around 95% of Americans will buy some sort of good to celebrate the holiday season, and over 80% will give a gift.3/8 Due to inflation, more holiday gift-givers may be turning to gift cards, as these are perceived to be less expensive than a physical gift.
- The 27% of holiday shoppers categorized as high spenders will account for 68% of all holiday spending.3
- Eighty-one percent of Americans intend to give at least one gift during the holiday season.8
- To celebrate the winter holiday, more 95% of Americans plan to make some sort of purchase.3
- Based on the average number of DoorDash deliveries per open restaurant location in 2022, Christmas Day is the day of the year on which the most food is delivered.10
- In 2023, according to the Deloitte 2023 holiday survey, the average consumer plans to spend $300 on gift cards. This is an increase from the 2022 average of $217, and inflation is believed to be the reason more people are choosing gift cards as gifts.3
Holiday Stress Statistics
Emotions are running high this holiday season, and according to a 2021 survey, 66% of Americans feel more stress than normal during the holidays.11 With costs paving the way as the leading cause of this stress, it’s no wonder you may be struggling to find the perfect gift for your family and friends.
- According to a 2021 survey, 66% of consumers state that they feel more stressed than usual during the holiday season.11
- Nearly three out of four shoppers anticipate their holiday purchases to be more expensive than they were last year.3
- Fifty-six percent of consumers planning to give gifts feel stressed, with most feeling the pressure to find the right gift while sticking to their budgets.8
- Twenty-five percent of holiday shoppers expect to feel pressured to spend more money than they would like on gifts this year.12
Conclusion
If there’s one figure that sums up expected holiday spending in 2023, it’s that costs are on the rise. With a forecast of $957.3 billion to $966.6 billion in spending this holiday season, you’re certainly not the only one feeling the pressure of gift-giving this holiday season.2 As you plan your trips and make your gift list, remember that 95% of consumers are getting into the festive shopping frenzy, and while stress levels may be higher, the collective holiday spirit remains unstoppable.3
Sources:
- https://www.pwc.com/us/en/industries/consumer-markets/library/2023-holiday-outlook-trends.html
- https://nrf.com/research-insights/holiday-data-and-trends/winter-holidays
- https://www2.deloitte.com/content/dam/insights/articles/us176694_cic_holiday-retail-survey/DI_2023-Deloitte-holiday-retail-survey.pdf
- https://www.nerdwallet.com/article/travel/2023-holiday-travel-report#:~:text=More%20than%20130%20million%20Americans,or%20nearly%20%24254%20billion%20total.
- https://www.numerator.com/sites/default/files/files/2023-02/Numerator%20-%202023%20Holiday%20Preview%20%281%29.pdf
- https://www.rockethomes.com/blog/housing-market/how-much-do-americans-spend-on-holiday-decorations
- https://media.hopper.com/research/2023-holiday-travel-outlook
- https://www.lendingtree.com/credit-cards/study/holiday-gift-stressors/
- https://www.marketwatch.com/guides/insurance-services/holiday-air-travel-outlook-survey/
- https://get.doordash.com/en-us/blog/busiest-days-for-food-delivery
- https://sleepopolis.com/education/holiday-sleep-survey/
- https://www.bankrate.com/finance/credit-cards/survey-holiday-travel/
- https://www.kbtx.com/2023/11/23/holiday-travel-is-up-7-nationwide-compared-last-year-according-aaa/
- https://todayshomeowner.com/blog/guides/christmas-lights-survey/
- https://business.adobe.com/resources/holiday-shopping-report.html
- https://www.cnbc.com/2023/11/25/black-friday-shoppers-spent-a-record-9point8-billion-in-us-online-sales-up-7point5percent-from-last-year.html
- https://nrf.com/media-center/press-releases/2023-holiday-reach-record-spending-levels
Alexis Curls
Content Marketing Manager
Alexis Curls is a content strategist on the Today’s Homeowner team. She specializes in home services research. She graduated from the University of Florida with a Bachelor of Science in Public Relations.
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Lee Ann Merrill
Chicago-based Lee Ann Merrill has decades of experience writing and editing across a wide range of technical and scientific subjects. Her love of DIY, gardening, and making led her to the realm of creating and honing quality content for homeowners. When she's not working on her craft, you can find her exploring her city by bike and plotting international adventures.
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