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Expected Holiday Season Spending in 2023

In 2022, holiday spending grew by about 7% year-over-year. However, inflation accounted for much of that growth. 

How will today’s economic environment impact consumers’ holiday shopping budgets? And how will shoppers divvy up their spending between online and in-store shopping? Let’s take a closer look.

Reminder: For the purposes of this report, the holiday season is defined as the period between Thanksgiving and Christmas. 

Expected Total (Online + In-Store) Holiday Budgets

While we’re in the midst of economic uncertainty, holiday budgets are healthy. 

Anticipated Total (Online + In-Store) Holiday Season Shopping
(Including events/activities, gifts, meals, etc.)

Anticipated Online Holiday Spending

In-store holiday shopping was once the default. But now, many consumers are shifting their holiday spending online. 

Expected ONLINE Holiday (Thanksgiving-Christmas) Spending
(Including events/activities, gifts, meals, etc.)
How This Year’s ONLINE Holiday Spending Will Compare to Last Year
I expect to do more holiday shopping online this year than last
39%
I expect to do less holiday shopping online this year than last
12%
I expect to do the same amount of holiday shopping online this year as I did last year
49%

Anticipated In-Store Holiday Spending

While online shopping continues to grow, brick–and-mortar still plays a significant role for many holiday shoppers. 

How This Year’s IN-STORE Holiday Spending Will Compare to Last Year
I expect to do more holiday shopping in-store this year than last
27%
I expect to do less holiday shopping in-store this year than last
24%
I expect to do the same amount of holiday shopping in-store this year as I did last year
49%

While Online Holiday Shopping is Growing, Brick-and-Mortar Continues to Thrive

Despite an uncertain economy, many consumers have healthy holiday budgets. Not surprisingly, many plan to do more holiday shopping online than they have in the past. 

But that doesn’t mean brick-and-mortar holiday shopping is dead. A significant portion of consumers plan to ramp up their in-store holiday shopping, too. Interestingly, younger shoppers are leading the charge.

The bottom line? Many consumers plan to shop both online and in-store during the coming holiday season. It’s essential to deliver seamless experiences across all channels.

This research is taken from 2023 Holiday Shopping Trends, a survey of 18,906 US consumers during August 2023.

Check out the survey hub for further insights.
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