WASHINGTON – In the second holiday season of the pandemic era, goods may cost more, but Americans have more money to spend – and they appear to be eager to spend it.
That’s true in Arizona, where retailers say the holiday shopping season is already in full swing and residents are expected to spend anywhere from $590 to $1,558 on their shopping, according to one recent estimate.
And while Black Friday remains popular, experts say many shoppers started opening their wallets months ago. Katherine Cullen of the National Retail Federation said the Thanksgiving weekend rush is “not the kickoff to the season that it used to be.”
Hitendra Chaturvedi said it’s an acceleration of a trend that was seen in previous holidays. “That same trend that was happening even before COVID – where people are going online and a lot more Black Fridays are happening in September – just accelerated,” said Chaturvedi, a professor in supply chain management at Arizona State University’s W. P. Carey School of Business.
“Eighty-five percent of the U.S. population would have done their holiday shopping by Cyber Monday,” he said, something that’s “never been done before.”
The NRF’s Annual November Holiday Customer Survey showed that more than 158 million people holiday-shopped over Thanksgiving weekend, 108 million on Black Friday alone. But it also said that 61 percent of those “had already begun their holiday shopping,” slightly up from last year’s 59%, but 10 percentage points higher than the rate in 2011.
This holiday season comes at a time when many Americans have more cash on hand, after a year in which the government doled out pandemic stimulus payments and the job market steadily improved.
Chaturvedi also works as an analyst for WalletHub, a Washington, D.C.-based personal finance site, which came out with a report last week saying Arizonans could spend as much as $1,558 per person on gifts this holiday season.
WalletHub’s 570-city list looks at income, age, debt, expenses and savings to generate an estimate of per-person holiday spending by city. Of the 15 Arizona cities on the list, Gilbert was at the top, with projected spending of $1,558 this holiday. Tucson residents are expected to spend the least in the state, at an estimated $590.
Gilbert was in 73rd place and Tucson was 532nd on WalletHub’s national list, where the median holiday budget for cities was $889.
A Gallup report released this week came to much the same conclusion, predicting that Americans planned to spend an average of $886 on holiday gifts this year, up from $852 last year.
