American's are gearing up for a holiday season splurge not seen in the country since the days before the global financial crisis. According to an annual poll by Gallup, the average U.S. adult expects to spend a whopping $862 on gifts this Christmas - almost as much as the last peak in 2007 of $866 and the second highest amount recorded by the survey since 1999. When removing those that said they would not spend anything on gifts, the figure rises to $947.
When splitting by household income, those bringing in less than $30,000 plan to spend $343. At the other end of the scale, households earning $75,000 or more will be splashing out $1,327 on average.