Want to rein in spending this holiday season? Wait until the last minute to shop.
Late shoppers in the U.S. are more likely to mind their purse strings, while those who start before Thanksgiving will probably spend more – $370 more, according to Deloitte.
The average household is expected to spend $1,536 during the holiday season, according to a survey of more than 4,000 consumers in September. That’s 25 percent more than respondents in last year’s survey said. Stronger confidence in the U.S. economy and an improvement in household financial security are behind the increase, Deloitte found.
“Consumers starting their holiday shopping earlier have a more positive view of their current financial situation, which is a major driver behind higher holiday spending,” said Rod Sides, head of Deloitte’s U.S. retail practice. “This group is also more deal-focused and engaged across store and online channels.”
The share of spending online will grow by 2 percentage points to 57 percent, according to the survey, while purchases made in physical stores will drop by the same amount to 36 percent.
Experiences, like entertaining at home or socializing outside the home, account for the biggest piece of shoppers’ budgets at about 40 percent. Gifts, including gift cards, make up 34 percent, while non-gift purchases, such as clothing and holiday furnishings, account for the rest.
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