Recession fears drive Denver shoppers to cut holiday spending
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A shopper at Denver's Cherry Creek Shopping Center. Photo: RJ Sangosti/The Denver Post via Getty Images
The unofficial start of the holiday shopping season has arrived — and Denver shoppers are heading into it with more caution than cheer.
The big picture: Americans are planning to spend less for the first time since 2020, as higher prices and economic uncertainty make consumers anxious and more frugal.
By the numbers: Two-thirds of Denver respondents in a new Deloitte survey think a recession is looming, forcing them to scale back on holiday shopping.
- 81% of Denver shoppers surveyed expect higher prices this year.
- They've budgeted about $1,530 for their holiday shopping, a 14% drop from last year.
- Stunning stat: The share who think the economy will weaken in the year ahead jumped to 67%, up from 34% a year ago.
The vast majority of Denver shoppers (90%) surveyed are seeking cost-saving ideas.
- 58% say they'll make DIY presents.
The fine print: Deloitte's online survey polled 424 consumers in metro Denver between Aug. 27 and Sept. 17. The margin of error is plus-or-minus 5 percentage points.
- Deloitte's national survey, conducted during the same time period, included a sample of 4,270 consumers and showed similar spending shifts to Denver's.
State of play: The holiday shopping season is kicking off alongside a coordinated "We Ain't Buying It" boycott of corporate purchases. Some progressive groups are urging consumers to keep their dollars hyperlocal.
- The five-day Thanksgiving-week boycott focuses on three corporations — Target, Home Depot and Amazon — that organizers with No Kings say have "caved" to the Trump administration's "harmful policies."
- It overlaps with a Mass Blackout movement, an economic shutdown campaign organized by a coalition of grassroots groups, which is calling on supporters to skip both shopping and work during the same window.
Zoom in: For Small Business Saturday, Denver-area shops are rushing to capitalize on the moment with deals, pop-ups and neighborhood events.
What they're saying: "If I was a local marketer or local retailer, I would really look to put my best foot forward this holiday," Deloitte principal Robert Ried told the Denver Post. "I would make sure that I remind folks that we're local."