DALLAS — Christmas shopping season is here and most consumers expect higher prices, the 2024 Deloitte holiday retail survey found.
Dallas shoppers expect to spend an average of $1,888 this year, the survey found. That is about the same amount consumers expected to spend last year, according to the survey. Consumers cited concerns about inflation heading into the holiday season, with about 70% of respondents saying they expect higher retail prices.
About 34% of survey respondents report being in a worse financial condition than they were in 2023, the survey found.
Consumers also plan to cut back on non-gift spending this season by 17%. Self-gifting spending is also expected to shrink this season, but over half of Gen Z consumers expect to self-gift, the most of any generation, the survey said.
Nongift purchases include clothing, home furnishings and holiday decorations, the survey found. Dallas residents also plan to spend more on experiences, about $766, this year compared to gifts.
"After a dip during the pandemic, Dallas respondents are seeking out travel, holiday events, and socializing," the survey results said.
The top two gift categories are expected to be electronics and clothing and about 41% of shoppers said they planned to shop in promotional events as early as October, the survey found. However, the peak shopping season is expected to remain and 83% of shoppers expect to make purchases during Thanksgiving week.
"The bulk of holiday spending is expected to occur in late November and early December despite heightened interest in October promotional events," according to the survey.
