Many shoppers are cutting their holiday spending budgets this year, with approximately 44 percent saying they will spend less this year, according to JLL, which surveyed 1,089 U.S. consumers online in September. The per-person average holiday budget decreased 20.5 percent from $873 in 2019 to $694 this year.
Consumers remain relatively conservative due to continued uncertainty, and are choosing to do more of their shopping online, or via curbside pickup or buy online, pickup in store (BOPIS). They also are still largely focusing on essential purchases, such as food and consumer packaged goods, and on new essentials, such as home decor, home improvement, furniture and electronics.
Holiday spending will be affected by the number of Americans who choose to travel this year for Thanksgiving or Christmas. Nearly half (47 percent) of consumers surveyed plan to cancel their usual holiday get-togethers this year.
Other findings include:
COVID-19 will shift
