With holiday shopping expected to kick into gear this weekend, retailers, both on- and offline, are bracing for what may well be the busiest days of the year. According to Deloitte’s 2019 Holiday Retail Survey, U.S. consumers will bring plenty of joy to retailers across the country as 78 percent plan to spend about the same or more than last year this holiday season.
Interestingly, this is the case despite growing concern about the near-term economic outlook. While 41 percent of consumers say their household finances have improved over the last year, 44 percent are expecting the overall economy to weaken in 2020. That’s up from just 27 percent last year and marks the gloomiest outlook of the past decade.
According to Deloitte, consumers expect to spend $1,496 per household this holiday season, roughly one third of which will be spent on gifts while 40 percent will be spent on experiences (e.g. dining and travelling).