In September 2020, KPMG polled 1000 consumers across the U.S. to learn about the continuing economic impact of COVID-19, anticipated retail spend for the holiday season, and shopping preferences.
COVID-19’s impact on holiday spend
Seventy-five percent (75%) of our survey respondents plan on engaging in holiday shopping. The majority indicated they start shopping either in October (25% of respondents) or November (38% of respondents), but a fair number began as early as August (12%).
Holiday budgets appear to be lighter this year.
The decline is a result of buying for fewer people and spending less per person. Respondents indicated they will purchase fewer gifts for office co-workers or school children, most likely the result of the remote work and school arrangements.
Average holiday budget ($)
For respondents that usually engage in holiday shopping
Average per person holiday budget
For respondents that usually engage in holiday shopping
Number of people recieving gifts
For respondents that usually engage in holiday shopping
Note(s): (a) KPMG conducted a survey of 1,000 consumers across the United States and they were asked the questions, “Approximately how much did you spend on gifts in total during the 2019 holiday season? And, what do you expect your total 2020 holiday gift shopping?”, “Approximately what was your average gift budget per person during the 2019 holiday season?", "How much do you expect to spend per person during the 2020 holiday season?" and “Do you expect to purchase gifts for more, less, or the same number of people during the 2020 holiday season compared to the 2019 holiday season?”
Source(s): (1) KPMG Consumer survey, fielded Sep 15, 2020 – Sep 19, 2020.
