Holiday spending is shaping up quite differently this year, following months of COVID-19 vaccines and gradual restaurant recovery.
Not only are people shopping earlier this season — with stats from NPD Group showing that 51% of consumers plan to start holiday shopping before Thanksgiving — but they’re spending more and on new products.
Here’s more on how holiday spending is taking on a different look in 2021:
SPENDING UP
Amid waning pandemic anxiety and stabilizing consumer sentiment, holiday spending will average $1,463 per household, up 5% from 2020, with higher-income shoppers driving nearly all gains, according to Deloitte.
Some pre-pandemic behaviors are also returning, such as experiences (including socializing, travel and entertaining), which increased 15% from 2020.
“After 2020, consumers are looking to spend money. While the pandemic isn’t behind us, things are looking up, and shoppers are motivated to spend again, particularly when it comes to the food industry,” said Seb Evans, co-founder of Banquist – which offers cooking classes – in an interview with The Food Institute.
“People miss eating out at restaurants and having large family gatherings in their homes.”
Evans believes we’ll be seeing an increase in outdoor dining, carryout meals, pre-packaged food, and bulk shopping during the holiday season.