U.S. consumers are set to spend like never before in the upcoming holidays, a sign of growing confidence in the economic recovery.
Americans plan to spend $781 on average on Christmas gifts this year, according to Gallup’s initial survey of people’s shopping plans.
That is up more than 10 percent from the $704 figure in Gallup’s November survey last year, and the largest amount since 2007, before the financial crisis.
Gallup’s Lydia Saad cautioned that respondents’ planned holiday spending can change significantly between October and November.
But the polling firm’s results, based on telephone interviews with more than 1,000 adults, align with those published by the retail industry.
A National Retail Foundation survey published earlier this month found the average American will spend $804.42 on gifts and other holiday-related items such as food and decorations, up nearly 5 percent over last year’s actual $767.27.
That survey also indicated a clear, ongoing shift away from gifts bought in stores. The average shopper expects to do nearly half of his or her gift shopping online, according to the survey. And 60 percent of people said that they wanted gift cards or certificates as presents.
Measures of consumer confidence, published by the University of Michigan and the Conference Board, have been rising throughout 2014 as unemployment has fallen and job creation has picked up. Consumer confidence plunged in late 2013 as congressional conflict led to a government shutdown and a showdown over the federal debt ceiling.
