The holiday season is right around the corner, and while 77% of American adults say they’ll be buying gifts this holiday season, about a third (34%) say they’ll be toning down how much they’re spending in 2023.
Women are far more likely to be shopping for gifts this holiday season, with 84% of women saying they’ll be buying Christmas presents compared to just 69% of men.Graphic source
Gen Y (81%) and gen Z (80%) are the generations most likely to be in the giving spirit, while only 67% of baby boomers will be handing out presents on Christmas day.Graphic source
Both the East North Central region (Illinois, Indiana, Michigan, Ohio and Wisconsin) and West South Central region (Arkansas, Louisiana, Oklahoma and Texas) are home to the most generous gift-givers, with 80% planning to shop for gifts in 2023.Graphic source
The majority of Americans, a combined 57%, will be buying 5 or fewer gifts in the 2023 holiday season. However, 1 in 10 say they will be buying Christmas gifts for 11 or more people in 2023.Graphic source
The bulk (42%) of Christmas shoppers in the US say they will spend somewhere between $20 and $49 on holiday gifts in 2023.Graphic source
While men may be planning on giving fewer gifts this Christmas, they are planning to spend more, with 50% saying they will be spending $50 or more on presents, compared to only 37% of women who say their holiday spending will exceed $50.Graphic source
Baby boomers (48%) are the generation most likely to be buying Christmas gifts worth $50 or more, while 4% of gen Z say they’re shopping for gifts worth less than $10.Graphic source
The Mid-Atlantic is home to the most generous Christmas shoppers, with almost half (48%) planning to buy a gift worth over $50.Graphic source
A combined 34% say they will be spending less on Christmas in 2023 than in previous years, with 21% saying they plan to spend a little less and 13% saying they’re spending a lot less.Graphic source
Women (39%) are more likely to be cutting back on Christmas spending than men (28%).Graphic source
Younger generations are planning on reigning in their Christmas spending, with 44% of gen Z and 38% of gen Y cutting back on their holiday spending.Graphic source
Christmas budgets are being tightened the most in the East South Central region (Alabama, Kentucky, Mississippi and Tennessee), where 42% say they’re spending less on average than they did for Christmas in 2022.Graphic source
Over three in five (63%) of those cutting back on gift giving in 2023 say they’re doing so due to inflation, with a little over half blaming a tighter budget.Graphic source
The holiday period in 2023 will come at a price. The cost of a Christmas tree this year is projected to rise by about $87, and an estimated 132 million Americans plan to shop the pre-holiday sales (such as Black Friday and Cyber Monday) in 2023.
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Credit card balances are already at their highest level ever, with US consumers currently owning $1.08 trillion. And that number will no doubt increase following the holidays, with a little over half (56%) saying they plan to pay for at least some of their Christmas presents using a credit card.Graphic source
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