Consumer Behavior

Holiday spend data reveals consumer resiliency

Photo: Adobe Stock

October 27, 2023

More than half of consumers will spend $500 or more this holiday season, a healthy spike from 36% who planned to do so last year, and three in 10 consumers, 29%, plan on spending more this year than in 2022 while 16% expect to spend less.

Those are findings from a TransUnion report that also revealed a quarter of households with children plan to travel for vacation this holiday season.

The data points represent the third consecutive year for their respective trends, indicating continuing consumer resiliency, according to a press release on the findings.

"Despite what seems like a constant drumbeat of negative news — rising interest rates, persistently high inflation and more — consumers remain resilient and their positive outlook for this year's holiday shopping season is a testament to the continued strength in the labor market, with wage growth outpacing inflation," Cecilia Seiden, vice president of TransUnion's retail business, said in the release. "The key for retailers will be to understand their principal consumer segments to deliver the right offers at the right time."

An earlier released report, from JLL, revealed more than 90% of holiday shoppers plan to indulge in at least one holiday experience this holiday season — such as dining out or visiting an entertainment venue.