Here's how much shoppers say they plan to spend on holiday gifts this year

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FILE-A costumer buys merchandise during early morning Black Friday Sales at Macy's herald square on November 24, 2023 in New York City. (Photo by Kena Betancur/Getty Images)

After Thanksgiving, consumers will pack stores to find deals and bargains to get an early start on Christmas and holiday shopping.

And this year they are willing to spare no expense on gifts. Americans are estimated to spend $1,012 this year, which is up from $975 in November 2023, according to a new Gallup poll.

Gallup conducted a survey from Nov. 6-20 and noted that consumers are less conservative than usual in how they define spending, with almost as many saying they will spend more on gifts (19%) as saying they will spend less (23%).

Shoppers with the highest holiday spending rates include upper-income Americans, parents of children under 18 and Republicans, all intending to spend over $1,200 on gifts. These estimates exceed $1,300 when limited to just those planning to buy gifts, according to the poll.

Americans were asked in the poll whether the amount they plan to spend on Christmas and other holiday gifts is more, the same as or less than what they spent last year.

The poll noted 55% of Americans say they spend about the same on gifts, while a larger group say they will spend less (23%) rather than more (19%).

FOX Business reported in October that the National Retail Federation (NRF) projected that holiday spending would increase this year to a new record, totaling between $979.5 billion and $989 billion, as consumers lean on e-commerce.

Separately, industry forecasts project that 183.4 million people will shop in U.S. stores and online between Thanksgiving and Cyber Monday, the Associated Press reported, citing the National Retail Federation and consumer research firm Prosper Insights & Analytics. Of that number, 131.7 million are expected to shop on Black Friday.

Consumer News