Average Holiday Spending To Go Down This Year As Millions Struggle Just To Get By

[doitvoluntarily]

Last year, the average household in the U.S. was ready to spend something around $862 on their entire holiday shopping for friends and family.

This average amount being spent per household was a slight increase from 2018, about 5 percent increase for average spending over the Christmas holiday.

Spending Less in 2020 on Holiday Shopping

But of course this year things are going to be a lot different. Millions of people are unemployed and uncertain about where they are going to be living in the months to come, or how they might be affording just their basic neccessities like rent or healthcare coverage. They are expected to draw back the holiday spending significantly this year and possibly for many years to come.

While lawmakers insisted that they would get back to talking about giving another round of stimulus checks out to millions, with many who might have hoped that would get them through the winter season, it isn't going to be coming anytime soon.

Buying Less and Saving More

One survey of more than 14,000 shoppers discovered that more than 60 percent say their spending habits are now changed forever since COVID-19. They want to always stay stocked up on essential goods now, as well as making fewer but larger shopping trips for themselves and many who will stick with buying online.

Still, for many families who want to try and stock up that simply isn't an option for them right now and they are still operating paycheck to paycheck, unable to find little extra for any emergencies.

Another recent survey found that about 73 percent of shoppers say they will spend only $500 this year for Christmas shopping, compared to the almost $1k last year that many spent.

That's a significant decline in spending if many stick to their limit. People have reported that they are seeking to spend less specifically because they've lost income or lost a job and it would be unwise for them to spend money on holiday stuff that they cannot afford. That probably isn't going to stop a few though from charging it to their credit card and worrying about it later.

Pics:
pixabay

Comments

[taskmaster4450le]

Of course, this will show up in the market by seeing a few companies having record numbers during the Xmas season.

Wal-Mart, Costco, and Amazon will dominate and see huge sales in spite of the decreased overall spending.

The traditional retailers will find themselves suffering even more, especially with more lockdowns looming.

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[joebrochin]

You are correct. Everything I have read tells me those with an established online presence will actually see record numbers from online shopping. Let's just hope their IT is able to keep up with it and their people anticipated it. COVID is changing many things. From the shopping habits of consumers to the discomfort felt by traditional brick-and-mortar establishments that don't think out of the box.