Nov. 1 (UPI) — U.S. retailers may be in for a bigger spending spree this holiday season, according to a new survey Friday.
Gallup said its poll indicates Americans are planning to spend more for Christmas this year — to the tune of nearly $1,000 per shopper. Respondents expect to spend an average of $942 on gifts — an increase from $885 last year, the survey said.
The pollster said Friday’s is the highest October projection since it began the survey in 1990.
Thirty-seven percent said they plan on spending $1,000 or more, a record share. Sixteen percent said they will spend less this year, tying the October 2017 survey for Gallup’s record low.
“As is typical, the largest segment of Americans, 65 percent, say they will spend about the same on gifts this year,” the report said.
Gallup said Friday’s survey is just the second in the past three decades in which Americans who expect to spend more outnumber those who plan to spend less.
Adobe Analytics projected this week online holiday shopping this year will rise 14 percent, and total $144 billion.
Gallup polled more than 1,500 U.S. adults for the survey, which has a margin of error of 3 points.
