Record spending expected despite shorter holiday season

WASHINGTON - Thanksgiving is behind us and Christmas is just weeks away. So, for many, that means it’s time to shop.

The National Retail Federation is predicting record spending this holiday shopping season, estimating that folks will fork over an average of $902 per person on gifts, food, decorations, and other seasonal items. They said that’s about $25 more per person than last year and $16 more than the previous record set in 2019.

"It is a record year, but it’s such a small jump that, for me, it just means that people are very concerned about their spending right now," explained smart shopping expert Trae Bodge of TrueTrae. "So, while they are going to be buying holiday gifts, I think they’re just going to be very careful about what they’re choosing, and I’m also seeing that people are increasingly promotional. They are looking for more deals, more sales, and more ways to save."

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It’s a shorter traditional holiday shopping season this time around. That’s because with Thanksgiving falling on November 28, there are only 27 days between the two holidays, leaving shoppers with less time to buy gifts.

"What that means to me is that Black Friday and Cyber Monday will be very strong, and then people will be kind of rushing to get the rest of their shopping done before the Christmas holidays," Bodge said.

People should get a better of idea of how the shopping season is shaping up so far on Tuesday morning. That’s when the National Retail Federation said they plan to release new shopping numbers from the long holiday weekend.