Americans expect to spend more on holiday gifts this year than in previous years, according to a new Gallup survey released Wednesday.
The survey, conducted Nov. 6-20, showed Americans, on average, expect to spend $1,012 this year on Christmas or holiday gifts this year, a slight uptick from the $975 that Americans said they expected to spend on gifts last year.
The previous year saw a steeper hike in spending expectations, with Americans expecting to spend an average of $867 in 2022. For the three years prior, spending expectations remained more consistent. In 2021, Americans expected to spend $886; in 2020, Americans expected to spend $852; and in 2019, Americans expected to spend $846.
The estimate for this year’s spending is only slightly above last year’s, when accounting for inflation.
The $1,012 spending expectation this year would be worth $985 after inflation — a mere $10 increase in value — according to The Hill’s calculations, when accounting for 2.6 percent annual inflation in October, as reflected in the consumer price index (CPI).
The survey also gauged Americans’ perceptions of their own holiday spending. After asking how much respondents expect to spend on gifts this year, Gallup asked whether their estimated amount is more than, less than or about the same as the amount they spent on gifts last year.
Most Americans, at 55 percent, said they expect to spend about the same amount on gifts, a small uptick from the 53 percent who said the same last year and the 48 percent who did in 2022.
The share of Americans who expect to spend less this year than they did last year, however, has continued its downward trend, with 23 percent saying they plan to spend less this year than they did last year, down from 27 percent last year and 33 percent the year before.
Nineteen percent of Americans say they expect to spend more on gifts this year than last year, the same as the 19 percent who said the same last year. That level is the highest Gallup has recorded since 1999.
The survey included 1,001 U.S. adults and had a margin of error of 4 percentage points.
