Nearly 12% Of Households Don't Plan To Buy Holiday Gifts, Wealthy Celebrate With 30% More Spending

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Supply chain and inflation challenges may dampen seasonal cheer for some consumers, according to a report from Deloitte. The study forecast that, amid waning anxiety and stabilizing consumer sentiment, holiday spending will average $1,463 per household, up 5% from 2020 —with higher-income shoppers driving nearly all gains.

Higher-income households are planning to spend five times that of lower-income households, the study found. Higher-income shoppers expect to spend 15% more than last year (averaging $2,624 per household). But lower-income groups plan to spend 22% less (averaging $536 per household).

In addition, the percentage of overall consumers who do not plan to spend at all this season is 11.5%, more than doubling from 2020 (4.9%). Two-thirds of this non-spender group (65%) are from lower-income households compared to 12% from higher-income households.

Deloitte noted that some pre-crisis behaviors are returning, such as experiences including socializing away from home, travel and entertaining at home. Overall spending is expected to increase 15% year-over-year, to $536 per household, accounting for more than one-third of holiday spending.

Other highlights from the Deloitte survey are below.

Consumers are more worried about inflation than retailers. More than two-thirds of consumers (68%) expect product prices to increase this holiday season compared to 53% of retail executives.

Seven in 10 consumers (68%) expect higher prices this season compared to five in 10 retail executives. Lower-income shoppers expect to spend less based on inflation expectations, according to Deloitte.

Optimism among retail executives is strong, as seven in 10 expect consumers to spend more year over year. However, six in 10 retail executives are worried about receiving their holiday orders in time.

Three out of four consumers (75%) are concerned about stockouts, motivating consumers to begin their shopping earlier this year.

Overall spending will increase across categories with 45% of households planning to spend the same or more on the holidays.

Spending on gifts is forecast to be $501 per household, an increase of 3% since 2020, while non-gifts purchases will total $426 per household.

Retailers are placing orders with confidence that consumers will be spending, as 33% of retail executives stated that holiday order volumes grew by double digits year-over-year.