Americans Cautious About Spending as Holiday Season Nears

U.S. consumers appear to be approaching the holiday season somewhat cautiously, according to The Conference Board. The private research group’s Holiday Spending Survey found consumers plan on spending an average of $613 on holiday gifts this year, down from $648 last year. They also expect to spend more on related non-gift items this year, or $393 compared with $374 last year, reflecting high inflation and surging food prices in particular that may be limiting spending on gifts. Lynn Franco, senior director of economic indicators at The Conference Board, said consumers “appear to be rebalancing their budgets and priorities…