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Holiday spending statistics 2023

A third of Americans are cutting back on gift giving this holiday season.

The holiday season is right around the corner, and while 77% of American adults say they’ll be buying gifts this holiday season, about a third (34%) say they’ll be toning down how much they’re spending in 2023.

Who is buying gifts?

Women are far more likely to be shopping for gifts this holiday season, with 84% of women saying they’ll be buying Christmas presents compared to just 69% of men.

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Gen Y (81%) and gen Z (80%) are the generations most likely to be in the giving spirit, while only 67% of baby boomers will be handing out presents on Christmas day.

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Both the East North Central region (Illinois, Indiana, Michigan, Ohio and Wisconsin) and West South Central region (Arkansas, Louisiana, Oklahoma and Texas) are home to the most generous gift-givers, with 80% planning to shop for gifts in 2023.

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How many gifts will Americans be buying in 2023?

The majority of Americans, a combined 57%, will be buying 5 or fewer gifts in the 2023 holiday season. However, 1 in 10 say they will be buying Christmas gifts for 11 or more people in 2023.

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How much will Americans spend on holiday gifts in 2023?

The bulk (42%) of Christmas shoppers in the US say they will spend somewhere between $20 and $49 on holiday gifts in 2023.

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While men may be planning on giving fewer gifts this Christmas, they are planning to spend more, with 50% saying they will be spending $50 or more on presents, compared to only 37% of women who say their holiday spending will exceed $50.

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Baby boomers (48%) are the generation most likely to be buying Christmas gifts worth $50 or more, while 4% of gen Z say they’re shopping for gifts worth less than $10.

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The Mid-Atlantic is home to the most generous Christmas shoppers, with almost half (48%) planning to buy a gift worth over $50.

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One in three say their holiday spending habits have changed

A combined 34% say they will be spending less on Christmas in 2023 than in previous years, with 21% saying they plan to spend a little less and 13% saying they’re spending a lot less.

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Women (39%) are more likely to be cutting back on Christmas spending than men (28%).

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Younger generations are planning on reigning in their Christmas spending, with 44% of gen Z and 38% of gen Y cutting back on their holiday spending.

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Christmas budgets are being tightened the most in the East South Central region (Alabama, Kentucky, Mississippi and Tennessee), where 42% say they’re spending less on average than they did for Christmas in 2022.

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Why are people cutting back on holiday gifts?

Over three in five (63%) of those cutting back on gift giving in 2023 say they’re doing so due to inflation, with a little over half blaming a tighter budget.

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How are most Americans paying for their Christmas gifts?

The holiday period in 2023 will come at a price. The cost of a Christmas tree this year is projected to rise by about $87, and an estimated 132 million Americans plan to shop the pre-holiday sales (such as Black Friday and Cyber Monday) in 2023.

Credit card balances are already at their highest level ever, with US consumers currently owning $1.08 trillion. And that number will no doubt increase following the holidays, with a little over half (56%) saying they plan to pay for at least some of their Christmas presents using a credit card.

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Image: Getty

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