How inflation will impact Colorado holiday spending
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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