WASHINGTON (dpa-AFX) - Americans are estimated to spend on Christmas and other holiday gifts slightly more than what they did at the holiday season a year ago, according to two recent surveys conducted by Gallup.
U.S. consumers are planning to buy gifts worth $1,012 on average, shows a survey conducted among potential buyers during November 6-20. This is up from $975 they were ready to spent in November last year.
The new poll also finds Americans less conservative than usual in how they characterize their spending, with almost as many saying they will spend more on gifts as saying they will spend less, Gallup said.
Additionally, unlike most years when Americans' holiday spending estimate decreases as the season progresses, the average spending figure hasn't changed since Gallup's initial reading in October.
Holiday sales typically rise year over year, increasing by 4% on average since 2000, according to figures from the National Retail Federation.
'Gallup analysis of the historical relationship between Americans' holiday spending intentions each November and actual holiday retail sales suggests that this year's holiday sales will likely rise by a better-than-average amount, near 5 percent', says the analytics and advisory company.
2024 holiday season spending could rise by closer to 6 percent, Gallup concludes.
'With inflation holding at less than 3 percent, the uncertainty of the presidential race over and Americans' outlook for the economy improved, consumers appear ready to spend a bit more than usual on holiday gifts'.
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