NORFOLK, Va. — Halloween is now behind us, which means the holiday shopping season has begun.
This year, consumers can plan to spend a record amount of money on everything seasonal, from Christmas trees and groceries to decorations and gifts.
According to RetailMeNot, Americans plan to spend 29% more on holiday shopping than they did last year. That will look like $932 on average, compared to $725 spent in 2022.
The National Retail Federation also said this season, 60% of shoppers plan to do their holiday shopping online during work hours. 43% are predicted to have started shopping for the winter holidays before November 2023.
When it comes to groceries, your Thanksgiving meal will likely cost about 2.4% more this year, according to Supermarket Guru. However, that’s in addition to the 11% jump from the year before.
On average, families are spending about $235 more per month on groceries this year, compared to last year. However, the cost of turkeys is actually down compared to 2022; they're about 9% cheaper, according to an annual report from Wells Fargo.
As for Christmas trees, price hikes continue in 2023. The American Christmas Tree Association predicts a 10% increase in the cost of a real tree this year. The average price of a tree ranges between $80 and $100 as the supply remains tight.
For travelers, there is good news and bad news regarding holiday airfare.
The good news: Thanksgiving and Christmas airfare prices have dropped 14% and 12% compared to last year, according to Hopper.
The bad news: airlines are expecting record demand for the 2023 season, which means availability is going to be tight. That means booking tickets could cause some headaches if you haven’t already.