Economics
U.S. Holiday-Spending Plans Tempered by Inflation, Survey Shows
- About 60% of people expect to pay more for gifts, food in 2021
- Spending intentions could be thwarted by supply bottlenecks
Shoppers at the Fashion Valley shopping mall in San Diego, California, on Oct. 22.
Photographer: Bing Guan/BloombergThis article is for subscribers only.
Consumers’ holiday spending intentions are slightly lower than in 2020, partly reflecting higher prices and supply chain challenges, the Conference Board said Wednesday.
On average, consumers intend to spend $648 on gifts this holiday season, according to the group’s survey. While down from $673 last year, budgets are still historically high.