NEW YORK—How much will consumers spend this holiday season? Due to inflation, more than last year, a new study reveals.
A survey from Deloitte shows the average American plans to spend $1,463 this year on holiday shopping. That's a 5% increase from 2020.
“Given that supply chain issues and inflation are causing the cost of many goods and products to rise, that higher number isn't surprising,” noted the Motely Fool. “Also, with a more stable economy, a lot of people are in a better place financially this holiday season than they were last season and may therefore feel comfortable spending more.”