Nov 13, 2024 - Business
Denver holiday shoppers plan to spend less this year
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Denver metro shoppers are expected to pinch pennies this holiday season.
State of play: The average consumer is forecast to spend $1,782, down 6% from last year but on par with the national average, according to the 2024 Deloitte Denver holiday retail survey.
- Blame higher prices pushed by inflation, worsening personal finance and shifting gift preferences.
Yes, but: Despite lower retail spending, Denver shoppers expect to spend more on experiences this year, an average of $818, up 7% from a year prior.
The intrigue: To save money, self-gifting is out and handmade gifts and re-gifting are in.
- One-third of shoppers said they planned to make gifts, far above the national average of 23%.
Between the lines: The consulting firm conducted the online survey Aug. 30 to Sept. 6. The margin of error is +/- 5 percentage points.