Consumers will be spending less this holiday season.

  • Holiday gift spend on the family such as parents, children, and significant others, is expected to experience the smallest decline (2% to 5%); holiday gift spend on friends, coworkers, and school children are expected to experience the largest decline (more than 20%).
  • Categories where respondents expect the greatest declines are in gift cards (14% decline), clothing and accessories (27% decline), and electronics (16% decline).
  • All product categories are expected to be bought more from online platforms in comparison to last year — for example, there may be a 25 percent increase in online spending on clothing and accessories, a 19 percent increase on electronics, and a 14 percent increase in computer and hardware.

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