It’s not Thanksgiving yet, but more people are rushing to spend more on their holiday shopping—and that’s compared to just a few months ago.
Holiday shopping plans are already heating up, according to a new survey from consulting firm Deloitte, while many frozen turkeys thaw before Thursday’s big meal.
That’s because buyers are incorporating supply chain crises and price inflation into their plans, a survey of 1,200 individuals showed.
This year, Deloitte said consumers will spend an average of $448 over the November 25 to November 29 period, which includes Black Friday. Deloitte said this is a 12% jump from the $401 that consumers were projected to spend during the same time frame a year ago.
,Consumers will spend an average of $448 from November 25 to November 29, which includes Black Friday, up 12% from a year ago.,
The survey said that seven out of ten people started their holiday shopping before Halloween. This is up from 66% last year and 61% in 2019, it noted.
These fast-paced buyers are acting to avoid slim pickings later, with 70% saying they want to avoid out-of-stock notices. A year ago, 55% said they were shopping quickly to get a gift on their wish list.
Deloitte surveyed in late October, the same month that inflation hit a 31-year high. Poll participants were well aware of rising prices, but they were prepared to spend and bear it.
35% of consumers say they would spend more money
More than a third (35%) said they would spend more than they planned a month or two ago. Of this group opening their wallets even wider, 41% say they are doing so because of the higher prices.
By comparison, when Deloitte researchers asked the same question last year, less than a quarter (23%) said they were planning to spend even more for the holidays than they had imagined several months ago. Were were
Surveys show an appetite to spend, and it’s not all because of rising food costs ahead of Thanksgiving. According to a survey by the American Farm Bureau Federation, turkey and trimmings will cost an average of $53.31 for a party of 10 people, up 14% from last year.
,Other numbers also point to a shopping spree during the holiday season. Retail sales jumped 1.7% in October, well above expectations.,
Other numbers also point to a shopping spree during the holiday season. Retail sales jumped 1.7% in October, well above expectations. US Census Bureau numbers showed the biggest gains since March, fueled in large part by stimulus checks.
Looking ahead, the National Retail Federation is forecasting a record holiday season that could cost between $843.4 billion and $859 billion.
A gauge on consumer mood released last week showed shoppers moving forward with their spending plans despite the impact of inflation.
Roughly two out of ten people said they were spending more than usual, According to Ipsos-Forbes Advisory US Consumer Confidence Tracker. Roughly the same number of people say they are increasingly using their credit cards and credit, the survey said.
The Deloitte survey also points to credit-card hangovers coming next year. More than a third of those surveyed said they would use their credit cards to “stretch” their vacation budget.
Consumer credit card debt grew $17 billion in third quarter According to Federal Reserve Bank of New York. The central bank said credit-card loans grew by the same amount in the second quarter.