US holiday consumer spending trends

Consumer spending patterns for the holiday season are shifting away from traditional gift-giving toward home decor, dining, and experiential activities. A JLL study indicates that Americans plan to spend an average of $1,243 this season, representing a 9.7% increase from the previous year. While gift budgets have seen a modest 3.1% rise, spending on food, decorations, entertainment, and dining out has increased by 16.0% and 17.3% respectively.

Younger generations, specifically Gen Z and Millennials, are expected to account for half of holiday spending. These groups are driving trends such as ‘grannycore’, which involves a revival of analog hobbies like knitting and crochet, alongside a preference for nostalgic, screen-free activities.

In addition to physical goods, there is a growing trend toward experience-based gifts. Options such as memberships to museums, zoos, and science centers are being utilized to create lasting family traditions. These memberships often provide benefits like member discounts and reciprocal admission to other institutions.