Oct 28, 2022 - Business

How inflation will impact Colorado holiday spending

Illustration of a bar chart made of presents.

Illustration: Shoshana Gordon/Axios

Prepare to get — and give — fewer gifts this holiday season because of inflation pains, according to a new Deloitte holiday retail survey published today.

Why it matters: The annual report analyzes consumer behaviors and feelings ahead of the holidays, signaling to retailers what's in store and how best to attract shoppers.

By the numbers: Denver consumers plan to spend $1,624 this season, a 12% decline compared to last year, the survey shows.

  • 40% of local shoppers say their financial situations are worse than before.
  • To manage, people are predicted to purchase an average of only 10 gifts compared to 17 in 2021.

Yes, but: The Grinch that is inflation isn't completely dampening Denver's spirits.

  • Locals still plan to spend about 12% more than the national average, the analysis shows.

What else: To ensure the season stays merry and bright, the survey shows shoppers are also pulling back on non-essentials by about 21% year-over-year.

  • Denver residents are stretching dollars even further by spending the most on gifts tailored toward experiences — at an average of about $622.

Of note: About 60% of local retailers plan to start their holiday promotions one to two weeks earlier than last year, giving consumers an opportunity to save a little sooner.


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