U.S. holiday shopping spending to grow 31.7% in 2024, per capita spending to $1,261

According to the latest US holiday shopping report released by JLL, the consumption trends of this holiday shopping season show that 84% of shoppers plan to buy gifts for themselves, an increase from 76.2% last year. The popular items that shoppers buy for themselves include shoes and clothes (50.8%), electronic products (47.5%), accessories (39.3%), toys (23.6%) and games (23.5%).

The report states that consumers expect to spend an average of $1,261 on gifts, holiday food, decorations and experiences, up 31.7% from last year. While 46% of the budget will go toward gifts, this is down from 55% in 2023.

About 71% of shoppers will shop through multiple channels during the holiday season. The report shows that although 71% of shoppers plan to buy online and choose home delivery, 58.3% of shoppers will still go to physical stores to shop.

In addition, as the holiday shopping season approaches, many consumers have already started shopping early. The report pointed out that 65.5% of shoppers aged 30 to 44 will start shopping before Halloween, while younger Generation Z shoppers may start buying during the Black Friday weekend.

In order to meet the peak of holiday shopping, many large e-commerce platforms plan to launch various discount activities before Black Friday and Cyber ​​Monday. Amazon will launch Prime Big Deal Days in early October. In addition, Target and Walmart will also hold promotions during the same period.

Although JLL predicts that holiday shopping spending will increase significantly, an earlier report from Bankrate showed that about one-third of holiday shoppers will reduce their spending due to inflation and high interest rates. But other studies are optimistic about the growth of online retail sales and overall retail sales in the United States this quarter. Adobe predicts that between November 1 and December 31, U.S. online retail sales will increase 8.4% year-on-year to $240.8 billion. At the same time, Deloitte expects holiday retail sales to increase by 2.3% to 3.3% over last year, with sales reaching between $1.58 trillion and $1.59 trillion.

Author✎ Summer/
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