One-third of Americans say they’ve started their holiday shopping. Moreover, they expect to spend an average of $908 this year on holiday gifts, an 8 percent increase from last year ($839 in 2015), according to the American Express Spending & Saving Tracker.
Among affluent consumers, the gift spendings is expected to jump to an average of $1,513.
The most popular gifts to give this year are:
- Gift cards (52% vs. 57% in 2015)
- Clothing and accessories (51% vs. 47% in 2015)
- Toys and games (50% vs. 44% in 2015)
There is expected to be an even bigger increase in online purchases, particularly with the use of smartphones and tablets.
More than 3 in 4 Americans (76 percent) are using their mobile devices during the holidays for gfit shopping, whether to browse, compare prices or view deals (vs. 58 percent in 2015), Americans Express found.
There has also been a significant increase (62 percent) in Americans planning to purchase and/or redeem e-gift cards on mobile devices this year (26 percent vs. 16 percent in 2015).
“While consumers are spending more money on gifts this year, they are becoming savvier with how they spend their time shopping,” said Kartik Mani, Executive Vice President of Global Consumer Lending at American Express. “With our constant connection to technology, more Americans than ever before are using their mobile devices to help them make holiday purchases.”