Holiday Spending to Reach Record High Despite Economic Concerns

Middle-Income and Younger Consumers Drive Increase in Spending, Gallup Finds

• Americans plan to spend an average of $975 on holiday shopping this year, the highest estimate since Gallup began tracking in 1999.
• Middle-income and younger consumers account for a large portion of the increase in spending expectations.
• High-income Americans' holiday spending plans remain steady at $1,400, while low-income Americans plan to spend slightly less this year: $429, down from $477 last year.
• Young shoppers, those under 35, expect to spend around $253 more on gifts this year than the 2022 average of $962.
• Despite the increase in holiday spending, 71% of Americans rate economic conditions in the country as poor, according to a CNN poll.

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