Research

US Holiday Shopping Trends & Statistics 2024

by wethrift

The holiday shopping season leading up to Christmas is crucial for the US retail industry. The amount of money spent sets the tone for annual sales and reflects broader consumer trends and economic conditions.

With the 2023 season behind us, let’s dive into the latest statistics and trends that shaped this pivotal period.

Top 2024 US Holiday Shopping Statistics

  • Total US holiday retail sales reached $964.4 billion in 2023, up 3.8% on the previous year. (National Retail Federation)
  • 95% of US consumers intended to shop for the holidays in 2023, up from 88% in 2021 but below 2019’s level of 97%. (Deloitte)
  • Online spending during the 2023 holiday season grew 4.9% year-over-year to $222.1 billion. (Adobe)
  • 65% of all online holiday shopping was in five categories: electronics, apparel, furniture, groceries, and toys. (Adobe)
  • Americans predicted spending an average of $923 on holiday gifts in 2023, down from the $932 estimated in 2022. (Gallup)
  • The 2023 holiday season marked a significant trend in consumer behavior, with record numbers of shoppers utilizing mobile shopping, AI shopping assistants, and new payment plans. (U.S. Chamber of Commerce)
  • The shopping duration has shrunk to an average of 5.8 weeks versus 7.4 weeks in 2019. (Deloitte)
  • Buy now, pay later (BNPL) usage in 2023 surged by 14% compared to last year, reaching an all-time high. (Adobe)
  • Preference for in-store shopping returned to pre-pandemic levels, with 37% of US holiday shoppers’ budgets allocated to in-store purchases, compared to 35% in 2022 and 36% in 2019. (Deloitte)
  • US holiday e-commerce sales are predicted to reach $271.58 billion in the 2024 holiday season. (Emarketer)

Yearly Holiday Shopping Spending Figures

Yearly holiday shopping spending figures show how consumer spending has changed over the years. These numbers highlight growth and shifts in spending and give us a glimpse into overall economic trends and consumer confidence. Overall, they help us understand the changing landscape of holiday shopping.

  • From 2019 to 2023, total holiday retail sales in the US grew from $716.9 billion to $964.4 billion, reflecting an overall increase of 34.4% over the five-year period, with an average annual growth rate of approximately 6.9%. (National Retail Federation)
  • The 2023 sales figure indicates a return to pre-pandemic levels, where average holiday sales growth was 3.6%. (National Retail Federation)
  • Ongoing inflation has a major impact on consumer behavior, with over 20% of consumers worldwide saying that if prices increase, they will shop less and cut back on spending. (Statista)
  • In 2023, 42% of US consumers expected to have completed their holiday shopping by November. (Statista)
  • The U.S. presidential election in November is expected to complicate the holiday marketing season, as consumer spending typically dips around elections, as seen in 2020. (Forbes)

The shopping landscape is shifting, with online shopping gaining ground as more consumers embrace the convenience of buying from home. This evolution in spending habits makes it essential for retailers to keep up with changing preferences and tailor their strategies accordingly.

  • Online holiday spending increased by 6.3% year-over-year compared to in-store spending at 2.2%. (Mastercard)
  • Total 2023 holiday online and other non-store sales reached $276.8 billion. (National Retail Federation)
  • The preference for shopping in-store returned to pre-pandemic levels in 2023, with 37% of shopper budgets allocated to shopping in-store, as opposed to 35% in 2022. (Deloitte)
  • In 2023, 31% of consumers planned to shop mostly online for the holidays. (Statista)
  • 28% of US consumers used buy online pick up in-store (BOPIS) options for their holiday gift shopping in 2023, down from 35% in the previous year. (Statista)

E-commerce is transforming the holiday shopping experience like never before. With skyrocketing sales and shifting consumer preferences, shopping online has become the go-to choice for many.

  • The biggest drivers for online holiday spending were electronics, which accounted for $50.8 billion, followed by apparel ($41.5 billion), furniture ($27.3 billion) and grocery ($19.1 billion). (Adobe)
  • Most people use Amazon for online holiday shopping, with 50% of U.S. adults starting product searches there. (Search Engine Land)
  • Artificial intelligence influenced 17% of online purchases and contributed $199 million in sales during the 2023 holiday shopping season. (Salesforce)
  • 34% of shoppers planned to use social media platforms to search for or purchase holiday products in 2023. (Statista)
  • 63% of Western consumers plan to purchase from Chinese shopping apps during the 2024 holiday season. (Salesforce)
  • Mobile shopping surpassed desktop for the first time, driving 51.1% of online sales. (Adobe)

Average Holiday Spending Per American In 2023-2024

The average holiday spending per American reflects how much individuals are willing to invest in celebrations, and it highlights broader economic trends, such as confidence levels and spending power.

  • 45% of Americans anticipated holiday spending to be the same in 2023 as in 2022, with 36% anticipating spending more money and 13% spending less. (Forbes)
  • In 2023, consumers were projected to spend an average of $1652 on holiday-related purchases, including gifts, non-gifts, and experiences. This figure is up 14% from last year, surpassing an average of $1496 they spent in 2019. (Deloitte)
  • 44% of US consumers expected to spend $751 or more on gifts in 2023. (Forbes)
  • Shoppers with yearly household incomes between $ 50,000 and $99,999 were expected to spend 26% more on holiday gifts in 2023, or about $1534. (Deloitte)
  • The top four gift categories consumers planned to spend on in 2023 were gift cards (55%), clothing or accessories (49%), books and media (28%), and personal care items (25%). (National Retail Federation)

2024 Demographic Differences In Spending

Understanding demographic differences in holiday spending reveals valuable insights that can inform targeted marketing strategies. Each group—by age, income, or family status—has unique preferences and habits.

  • Younger generations are more likely to increase their holiday budgets, with 44% of Gen Z and 41% of Millennials spending more in the 2023 holiday season, compared to just 10% of Baby Boomers. (Forbes)
  • Expected holiday spending in 2023 increased by $137 among women and $43 among men. (Gallup)
  • 54% of Millennials say social experiences, rather than gifts, are their highest holiday expense, compared to only 13% of Baby Boomers. (Forbes)
  • Millennials planned to spend the most ($1918) on themselves and others for the holiday season in 2023, followed by Gen X at $1782, Gen Z at $1275, and Boomers at $1148. (Statista)
  • Middle-aged adults have the highest holiday spending at $1111, largely due to a greater proportion having children under 18, while households with children plan to spend $1306 compared to $835 for those without children. (Gallup)

What’s next for US Holiday Shopping?

The US holiday shopping season continues to be a dynamic and critical period for the retail industry. These figures and trends highlight how and where consumers spend their money and the trends shaping buyer behavior.