Early Holiday Shopping Result In Higher Spending

October 25, 2018

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A stronger confidence in the U.S. economy and an improvement in household financial security will most likely contribute to Americans spending more during the holidays this year than last.  However for those who have already begun shopping, odds are you will spend around $370 more than those who begin after Thanksgiving.  According to a survey of shoppers held last month, the average household is expected to spend $1,536 during the holiday season, up 25% from last year. However it isn't such a bad thing as researchers believe those who start their Christmas shopping earlier have a more positive view of their current financial situation, which is a major driver behind higher holiday spending. While gifts would be thought of as to the largest chunk of your holiday budget, experiences, like entertaining at home or socializing outside the home, account for 40% of budgets, with gifts  making up 34% and non-gift purchases, such as clothing and holiday furnishings, account for the rest. As to where we're shopping, online sales are expected to grow 2% to 57% of total shopping, while purchases made in physical stores will drop by 2% to 36%.

SOURCE: Press-Herald

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