This year, Americans planned to spend an average of $875 (about 300,000 Hungarian forints) on Christmas, about two-thirds of which would go to gifts, and another third to food, drinks and decorations.
In American retail trade, business activity is expected to witness a record high starting on the last Saturday before Christmas, or the so-called Super Saturday, according to statements by trade experts.
According to National Retail Federation (NRF) projections, 140 million people will go out on this day to buy the last gifts and items still missing from the holiday.
Experts pointed this out
The traffic may exceed the amount spent on the traditional post-Thanksgiving shopping day, Black Friday, when Americans bought $9.8 billion online alone.
NRF President and CEO Matthew Shay said the increase in spending is not surprising, that retail appears to have recovered from the ups and downs caused by the coronavirus pandemic, and that the financial situation of American families is essentially stable, further encouraging spending growth.
According to a survey conducted by the organization in the fall
This year, Americans plan to spend an average of $875 (about 300,000 Hungarian forints) on Christmas, about two-thirds of which will go to gifts, and a third to food, drinks and decorations.
58 percent of purchases are planned online, but nearly half of people also visit supermarkets and discount stores.
Nearly two-thirds of those surveyed said that this year, more than before, they are looking forward to various currency devaluations and business promotions, which is directly linked to persistently higher-than-average inflation. A third of people say they are saving other expenses so they can afford planned Christmas purchases.
According to calculations by the American Retail Trade Organization, the total sales volume during the period from November to December related to Christmas may exceed $960 billion, that is, 3-4 percent higher than the value of the previous year.
An early winter Gallup poll showed planned spending on Christmas gifts of $975 per household, the highest amount in the survey's 24-year history and more than $100 more than last year.
The data shows that middle-income households may see the biggest increase in holiday spending, up more than $200 to $947, with those under 35 and women spending more than average this year. Meanwhile, middle-aged people with children leave the largest amount untouched in stores – the survey found.
In the United States, Christmas is limited to one official holiday, December 25, when most businesses are closed. December 26 is a weekday, and on December 24 most stores close a few hours earlier than usual, and grocery stores usually close at 7 p.m.
(via MTI)
