Shoppers will spend an average of $448 during the period of Thursday through Monday, up 12% from last year, according to a survey by consulting firm Deloitte.
The survey was conducted Oct. 21-25 with 1,200 adults who plan to shop during the winter holiday season.
But apparently less of us will be shopping over the Thanksgiving holiday than in the past. The survey indicates 71% of holiday shoppers will be active during the Thursday-to-Monday period, compared to 74% in 2020 and 79% in 2019.
Supply chain disruption is making shoppers’ “job” more difficult. The survey shows 63% of holiday shoppers already have experienced stockouts, with 54% reporting higher prices, and 37% saying there are fewer discounts than a year ago.
Meanwhile, 56% plan to buy in-store, up from 41% in 2020 pre-vaccine availability.
Some experts are concerned that exploding inflation will put a damper on holiday sales this weekend. Consumer prices soared 6.2% in the 12 months through October, the biggest jump since 1990.
"[Consumers] have only so much money and room on their credit cards," Marshal Cohen, chief industry advisor of The NPD Group, told TheStreet’s Veronika Bondarenko "Higher prices, less promotions and cost of living increases mean less money to spend on gifts."
Still, the number of Americans planning to shop Thursday to Monday has risen by nearly 2 million from last year, according to a National Retail Federation report.
It shows 30.6 million plan to shop online or in-store on Thanksgiving Day, 108 million on Black Friday and 62.8 million on Cyber Monday.