We all enjoy the holiday season, and we try to make it as memorable and enchanted as possible each year. But all this enchantment comes with a cost. Holiday spending can turn the most wonderful time of the year into the most expensive.
Let’s take a look at just how much Americans spend on the holidays, what they spend on, and who spends the most.
Key Findings:
- In 2020, Americans spent $777.35 billion on holiday-related purchases.
- The average cost of Christmas shopping in the United States was $998 per person in 2021.
- Gifts for family members are the biggest expense for individuals, followed by food & decorations.
- Men spend $94 more than women, on average, on holiday-related purchases.
- More than half of consumers prefer buying presents online instead of going into a store.
- 43% of people are likely to start holiday shopping before the end of October.
How Much do Americans Spend on Holidays?
Americans spent $777.35 billion on holiday-related purchases in 2020. For comparison, that amounts to over 2.5 times the national GDP of Finland, Santa Claus’ home country.[1]✓
✓ Trusted source
National Retail Federation
The National Retail Federation is the biggest retail trade association in the world.
Holiday Spending By Category
Let’s break down the categories of goods that customers spent money on for Christmas, which amounted to a total of $998 per person in 2021.
Gifts
Americans spent $648 on average on gifts for their friends, families, coworkers, and others in 2021. A breakdown of the cost indicates that $514 of the total amount was allocated for the family. Out of the amount left, $79 was used on gifts for friends, $25 for coworkers, and $30 for other gifts.[1]✓
✓ Trusted source
National Retail Federation
The National Retail Federation is the biggest retail trade association in the world.
Non-Gift Personal Items
Americans spent $118 on average on non-holiday personal items for themselves or family in 2021. That’s a $44 drop compared to 2019, when the average was $162.[1]✓
✓ Trusted source
National Retail Federation
The National Retail Federation is the biggest retail trade association in the world.
Food & Decorations
People spent on average $231 on non-gift items such as food and decorations.[1]✓
✓ Trusted source
National Retail Federation
The National Retail Federation is the biggest retail trade association in the world.
Holiday Spending by Age & Gender
Next we’ll look at the amount spent on Christmas shopping by all age groups and genders, as well as the top presents that people wanted in 2021.
Holiday Spending by Age
Among all age categories, those between the ages of 45 and 55 spent the most ($1,162) during the Christmas season. This income group typically has the largest and most stable incomes, the best access to credit, and the most family obligations, which explains their higher spending. [1]✓
✓ Trusted source
National Retail Federation
The National Retail Federation is the biggest retail trade association in the world.
Holiday Spending by Gender
Statistics show that women spent less than men during the holiday season of 2021. To be more specific, women spent $952 on average for Christmas, while men spent $1046.[1]✓
✓ Trusted source
National Retail Federation
The National Retail Federation is the biggest retail trade association in the world.
Where Do Americans Shop for the Holidays?
Data gathered by the National Retail Federation shows that 57% of consumers preferred to buy gifts and items online instead of going to the store. This is a convenient and fast way of crossing things off the Christmas list while avoiding crowded stores.[1]✓
✓ Trusted source
National Retail Federation
The National Retail Federation is the biggest retail trade association in the world.
When Are Americans Most Likely to Start Their Holiday Shopping?
It goes without saying that the earlier you begin planning for the holidays, the less stress there will be throughout the Christmas season. That’s why 43% of people are likely to start shopping before October ends. Only 12% get started with holiday shopping during December. Some of them (1%) even said they’re most likely to start shopping in January![3]
Christmas vs. Other Holidays
Christmas has the greatest average spending of any holiday, at $998, which may not come as a surprise. Inflation is likely to put a dent in that spending, but it will still exceed spending for Mother’s Day, the holiday with the second-highest average spending at $220.[1]✓
✓ Trusted source
National Retail Federation
The National Retail Federation is the biggest retail trade association in the world.
Christmas Spending in the U.S. vs. Other Countries
Data from WorldRemit shows that people in Lebanon spend the most on Christmas among all countries presented on the map, with $1,814 spent on average per household. Canada falls second with $1,689, followed by France with $1,479. What’s even more interesting is that households in Mexico ($957) and Australia ($932) spent more on Christmas than American households ($859).[2]✓
✓ Trusted source
WorldRemit is an online money transfer service allowing customers to send money using a variety of payment methods to relatives and friends
The post 10+ Holiday Spending Statistics and Facts for 2022 appeared first on FinMasters.
FinMasters