Title: Denver Holiday Spending Forecast Dips Amid Economic Concerns
As the traditional holiday shopping weekend approaches, a new report from Deloitte Consumer Industry Center reveals a decline in anticipated holiday spending among Denver residents. The average holiday expenditure for individuals in Denver is projected at approximately $1,782, representing a 6% decrease from last year.
The survey, conducted from late August to mid-September among over 440 consumers in the area, highlighted that 35% of respondents feel financially worse off compared to 2022. This sentiment is largely attributed to inflation, with 70% of consumers factoring in higher retail prices in their holiday shopping plans. Despite recent federal data showing Denver’s inflation rate at a relatively low 1.4%, many residents continue to grapple with escalating housing costs.
Gift spending specifically is anticipated to decline by 12%, dropping from an average of $613 in 2023 to about $543 this year. Interestingly, a growing number of Denverites, 32%, plan to give handmade gifts, significantly higher than the national average of 23%. Additionally, 29% of respondents intend to regift items this season.
Preferred shopping venues reflect a shift towards online shopping first, followed by big-box retailers and electronics stores. The report indicates that over 75% of shoppers will engage in holiday shopping during Thanksgiving week, an increase from 56% last year. Notably, Cyber Monday is gaining ground, with 46% of shoppers expected to take advantage of deals on both Cyber Monday and Black Friday.
In contrast to physical goods, spending on experiences—like dining and events—is on the rise, with projections indicating a 7% increase, bringing average spending to $818, up from $626 in 2022. As Denverites navigate shifting financial landscapes, the balance between spending on gifts and experiences continues to evolve this holiday season.
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Photo credit denvergazette.com
