According to a recent Gallup poll, Americans estimate they will spend around $781 this holiday season. This is a 4 percent rise from last year with predictions in November 2013 around $704.
During the height of the recession (2008-2009), consumer predictions of holiday spending were around $618 and $638 respectively. While the rise is definitely an improvement from the recession years, Gallup says the modest rise will likely not be enough to help out struggling retailers.
Gallup goes on to say that these are just predictions and actual spending will likely fluctuate in either direction but are not likely to rise much (if at all) and certainly not to pre-recession levels.
“These preliminary projections are positive, but it is important to note that Americans’ estimates of the total amount they will spend on gifts can change as the holiday season progresses. Last year, Americans’ average spending estimate fell by about $80 between October and November, and in 2008 and 2009, Gallup saw sharp declines in intended spending.”
Reference:
McIntyre, Douglas A. “Christmas Spending Forecast to Rise 4%”. 247wallst.com. 10/27/2014.
