Deloitte’s survey suggests that consumers across income levels plan to spend more on gifts this holiday season despite ongoing inflation concerns, but some groups will see higher spending growth than others.
Shoppers earning less than $50,000 expect their holiday spending to increase 11% year over year from $671 in 2022 to $742 this year. Meanwhile, shoppers earning between $100,000 and $199,000 plan to increase their holiday budget by a mere 2% year over year from $2,134 to $2,167 this year, according to the report.
Some middle- and higher-income shoppers, on the other hand, report increasing their budgets by much more.
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