Consumers are willing to shop for holiday presents, but the price needs to be right. According to a survey of nearly 10,000 U.S. consumers from Service Management Group (SMG), although 58% of respondents are concerned about their financial situation due to the pandemic, 59% indicated they plan to spend about the same on holiday gift shopping as they did in 2019. Another 20% indicated they plan to spend more.
To quantify holiday spending, respondents were asked how much they plan to spend. Close to half (47%) of respondents plan to spend $499 or less on holiday gifts, while 24% plan to spend more than $1,000.