Wallets will open wider this holiday season
After a few years of subdued spending, Twin Cities residents are ready to shell out more this holiday season.
Driving the news: Shoppers in the metro expect to spend $1,463 between late October and Christmas, up 20% since last year, according to Deloitte's annual holiday retail survey.
Yes, but: They'll be getting less bang for their buck. 78% of local shoppers are expecting inflation to raise prices. Shoppers plan to buy 10 gifts on average this year, compared to 14 in 2021.
Zoom out: The Twin Cities is an outlier, as the rest of the country is expecting flat year-over-year spending.
- It's unclear from the survey why Twin Cities shoppers are saying they will spend more, given that locals are more pessimistic about their financial situation than the rest of the country (44% negative locally vs. 37% nationally).
Flashback: Matt Marsh, Minneapolis managing partner for Deloitte, notes that Twin Cities shoppers have been conservative over the last couple of years.
- COVID was surging in Minnesota last fall, forcing many families to stay home and spend less.
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