Shoppers are increasing their holiday budgets across income levels, but for those starting to repay student loans nearly half may cut back on spending.
Deloitte’s survey suggests that consumers across income levels plan to spend more on gifts this holiday season despite ongoing inflation concerns, but some groups will see higher spending growth than others.
Deloitte’s survey adds to previous research indicating that consumers’ holiday budgets would remain the same or increase. A Shopify and Gallup poll released this month found that 74% of shoppers plan to spend the same or more on gifts this holiday season.
The increase in consumers’ holiday budgets could result in higher retail sales this holiday season. In September, Deloitte released another report predicting that retail sales will increase between 3.5% and 4.6% from last year. The report noted that e-commerce sales could rise between 10.3% and 12.8% year-over-year.