The average American's spending on Christmas gifts this year is projected to increase from last year. According to a Gallup survey, per capita expenditure is projected at $932, up nearly $100 from 2021 ($837).
Spending estimates are back to pre-pandemic levels. In October 2019, the average American said they would spend $942 on holiday shopping, the most since 2006. In 2011, at the height of the economic crisis, average gift spending bottomed out at $712.
The number one reason every American believes they will spend more money is because of higher prices. Typical gifts such as clothing, toys and electronics have all risen in value due to high inflation.
Thirty-seven percent estimate their spending at more than $1,000
Nearly two in five Americans (37%) expect to spend at least $1,000 on gifts this Christmas. This represents a slight increase compared to 2021, when 33% said their gift spending would hit quadruple digits.
On the other hand, 30% estimate their spending to be between $250 and $999, 6 percentage points lower than in 2021. Seventeen percent expect to spend less than $250, which is roughly the same as last year.
Most believe they will spend the same amount as in 2021
Fifty-five percent of respondents believed that their level of spending would be the same as last year. On the other hand, 17% said their spending would increase, and 26% said they would be more conservative and spend less than in 2021.
These numbers are very similar to those from 2020 and 2021. In contrast, between 2017 and 2019, most Americans indicated that their spending on holiday gift purchases would increase from the previous year.
