US Shoppers Plan To Spend $2,100 This Holiday Season, 7% Higher than 2023: When Should Traders Start Buying Retail Stocks?
U.S. consumers plan to shell out $2,100 on holiday shopping this year, a 7% increase over 2023, according to a new survey from Bank of America.
The 2024 holiday season promises to be dynamic, with more consumers shopping earlier and spending more, despite lingering economic concerns.
Online shopping continues to grow, and reward points are increasingly becoming a go-to tool for managing holiday expenses. Gift cards, meanwhile, are solidifying their place as a favored gift option across generations.
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Early Holiday Shopping Trends: A Shift Toward Black Friday
According to the survey, 54% of consumers expect to shop on Black Friday, making it the most popular day for holiday deals.
Moreover, 49% of respondents intend to begin their holiday shopping on Black Friday, Cyber Monday, or even earlier, showing that the demand for early-season discounts continues to dominate.
In terms of spending, Americans are expected to shell out an average of $2,100 during the holiday season, marking a 7% increase compared to 2023. Generational differences are evident, with Baby Boomers budgeting about $800, while Gen X will spend around $1,200.
On the higher end, Millennials plan to spend $4,000, and Gen Z forecasts around $3,300.
Economic Strain And Shopping Preferences
The survey reveals that 62% of Americans anticipate financial strain due to holiday expenses—though this is a slight improvement from last year’s 67%.
Younger generations, particularly Gen Z and Millennials, are ...
