Holiday season spending is expected to rise this year versus last year, though the increase among middle-income shoppers is forecast to be far smaller due to the impact of student loans and lower wage growth.
Overall, shoppers are predicted to spend an average of $1 652, up 14 percent from last year, according to a Deloitte survey of 4 330 US adults conducted in late August and early September. Shoppers with yearly household incomes between $50 000 and $99 999 expect to spend 26 percent more this year, or about $1 534. And those who earn $200 000 or more expect their holiday spending to increase 22 percent to $3 922.
Americans with yearly household income between $100 000 and $199 999 only plan to spend about 2 percent more this year, or $2 167, as college debt loads — coupled with a lack of real wage growth — makes this demographic less optimistic about holiday spending. – Bloomberg