Spending continues to increase for the holiday season and is expected to reach a new record in 2024.
This is what the National Retail Federation (NRF) in the United States said in a press release issued last week.
The similarity between the American and Canadian markets allows comparisons to be made with our neighbors to the south.
The survey conducted by Prosper Insights & Analytics shows that Americans should spend an average of $1,250 (Canadian dollars) on gifts, food or decorations.
That’s about $25 (Canadian dollars) more than last year.
“The winter holidays are a very popular time for Americans, who prioritize family spending during this period,” explains NRF vice president and study lead Katherine Cullen in her press release.
Of the $1,250, approximately $895 will be spent on gift purchases for family, friends or colleagues.
Online shopping is still popular with consumers. In fact, 57% plan to do their Christmas shopping on the Internet. Next come large branches (46%) and grocery stores (46%).
Expected spending for one person at Christmas (in Canadian dollars)
2020: 1229$
2021: 1227$
2022: 1163$
2023: 1222$
2024: 1259$
Source: National Retail Federation
