Finance News

Trip spending statistics for 2020

Instead of shopping in department stores and visiting Santa Claus in the mall, this year's Christmas season will be a little different. You will likely spend more time with your closest loved ones exchanging gifts that you ordered online. With the events of 2020, many have seen unexpected changes in employment, income, and even health, so the vacation budget is paramount. To find out what the gift budget might look like this year, we conducted our own vacation survey and collected 26 vacation spend statistics.

In 2019, around $ 729 billion was spent during the holidays. This topped the charts and made it the biggest holiday season. This number might not come as a surprise when you factor in everyone on your shopping list. From your co-workers to family, vacation budgets can adjust for everyone.

Are you wondering what other people spend on Christmas gifts? Read on for our summary of vacation spend stats or check out our infographic to get our budget-friendly gift label for the workplace.

Average Christmas spending

The average American planned to spend $ 942 on Christmas gifts in 2019. (Gallup)
Last year, Americans spent $ 227.26 on purchases of off-vacation gifts such as decorations. (Alliant Credit Union)
Americans decide how much they spend on Christmas gifts based on how close they are to the gift recipient (58 percent) and whether or not they are family (28 percent). (Mint 2020 Holiday Survey)
Over 50 percent of vacation spending goes into clothing and accessories. (Avant-garde)
In 2019, holiday retail sales surged to over $ 700 billion, making it the busiest holiday season. (Statista)

Vacation spend statistics and trends

Americans went shopping on vacation in early 2019, 43 percent from November. (Black Friday)
On average, 64 percent of vacation shoppers waited for a sale before making a purchase in 2019. (American Research Group)
In 2019, 59 percent of the wish list contained gift cards. (National Retail Federation)
More than half of Americans would prefer cash for a gift. (Mint)
In 2019, 67 percent of shoppers spent the most on Christmas gifts for their children. (Black Friday)
Animal lovers are big buyers too. In 2019, 77 percent of pet owners planned for their pets to be part of their vacation celebrations. (The dog people)

Vacation spending 2019 vs. 2020

Vacation spending 2019 vs. 2020

Fifty-one percent of Americans plan to spend the same amount of time on Christmas gifts in 2020 as they did in 2019. (Mint 2020 Holiday Survey)
Around 40 percent of vacation buyers plan to spend less this year and 8 percent plan to spend more. (Mint 2020 Holiday Survey)
Over half of consumers do not go to retail outlets for health reasons. (Accenture)
74 percent of people agree that events only involve a small gathering. (Consult tomorrow)
Additionally, 47 percent of adults agree that vacation events should be canceled. (Consult tomorrow)

Retail sales on vacation

In 2019, 38 percent of shoppers planned to look for inspiration in the store. (Black Friday)
In 2019, vacation e-commerce sales grew 13 percent, with approximately $ 142 billion spent. (Adobe)
Cyber ​​Monday, a special day for vacation ecommerce discounts, spent a total of $ 7.4 billion in 2019. (Adobe)
61 percent of vacation shoppers in 2019 used a smartphone to complete an online order. (Think with google)
On Black Friday in 2019, more than two-thirds of vacation shoppers made impulse purchases. (Bluecore)

Vacation budget statistics

Ten percent of Americans budget gifts based on how much the gift recipient spends on them. (New: Holiday Survey 2020)
Eighteen percent of Americans try to pay off debts this holiday season. (Consult tomorrow)
Twenty-one percent of customers say they will be giving fewer gifts this vacation. (Consult tomorrow)
33 percent of adults are trying to spend less and save more because of COVID-19. (Consult tomorrow)
People's vacation budgets for 2019 have fluctuated depending on where they live. Urban shoppers wanted to spend around $ 200 more than rural shoppers last year. (NPD)

Regardless of whether you want to spend more or less this holiday season, check your budget while you are out and about. Our app allows you to set a specific budget and receive notifications when you think about it. You can also review your financial goals every week with our weekly summary updates.

Are you planning to shop for your employees this season? Check out our office gift etiquette below.

Download button for Christmas gifts

sources: GlobeSmart

methodology: This study was carried out for Mint using Google Surveys. The sample consisted of no fewer than 1,500 completed answers per question. Stratification weighting was used to ensure an accurate and reliable representation of the total population. The answers were collected from October 23-27, 2020.

Photo by the author

Mint.com (615 posts)

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