Inflation-weary Americans still plan to spend more than ever this holiday season.
Individual shoppers are projected to spend $641 on gifts and just over $900 in total, according to the National Retail Federation. Another survey conducted this month by Gallup forecasts the overall holiday spending tab at an even higher $1,012 per person.
The most popular category for gifts? Clothing, according to the trade group, which commissioned a survey of 8,135 adults in early November, followed by gift cards, toys, books, video games, and food or candy. More than 183 million Americans are expected to shop during the Thanksgiving Day weekend, the NRF said.
Holiday spending is expected to hit record levels in November and December, growing between 2.5% and 3.5% from 2023 to upwards of $989 billion, the group forecast earlier in the month.
From the start of November through November 24, holiday shoppers had already spent $77.4 billion, according to Adobe Analytics, which tracks spending data in real time. In good news for retailers during what is a key sales period, Adobe forecasts holiday revenue in 2024 to approach $241 billion, which would surpass last year’s figure of roughly $221 billion.
Holiday spending on gift cards is expected to reach $28.6 billion, with the average shopper buying three to four gift cards and spending an average of $51.18 on each, the NRF estimated.
Hot toys
The NRF poll also asked people what kind children’s toys they planned to buy. Here are the top 10 for boys and girls:
Boys
- Legos
- Hot Wheels
- Cars
- Video games
- PlayStation
- Remote controlled cars
- Video game consoles
- Nerf products
- Spider-Man
- Trucks
Girls
- Barbie
- Dolls
- Legos
- Makeup/beauty
- Disney items
- Baby dolls
- Barbie Dreamhouse
- Clothes
- Electronics
- Squishmallows
Toys, video games and electronics will be key drivers of holiday spending, according to Adobe. Among other predictions, the company. expects Bluey Ultimate Lights & Sounds Playhouse to fly off virtual and physical shelves as a gift with strong appeal to the show’s fan base of 3- to 4-year-olds. Popular gifts this holiday season, Adobe found.
- Bluey toys
- Smartphones
- Bluetooth headphones
- MGA’s Miniverse items
- Call of Duty: Black Ops 6 video game
Not all fun and games
The holidays are also a time to consider safety in buying toys, according to the U.S. Consumer Product Safety Commission.
“From online shopping to in-person gatherings, safety and protecting our children should be a top priority this holiday season,” CPSC Chair Alex Hoehn-Saric said in a statement. “By being mindful of product hazards, checking for recalls and purchasing from reputable sources, you can protect your loved ones and ensure a joyous and accident-free holiday for all.”
In 2023, an estimated 154,700 children 12 years or younger were treated in emergency rooms due to toy-related injuries, and 10 kids died in toy-related incidents, the federal agency stated.
Non-motorized scooters accounted for the largest share of injuries — 53,000 — in 2023, and were involved in more than one in every five toy-related injury for children under 15, CPSC found.
Most toy-related deaths related to:
- Choking on small balls or rayons
- Drownings linked to flotation toys
- Entrapment inside a toy chest
- Ingestion of water beads
