Americans plan to spend an average of $975 on Christmas gifts - up $100 from last year, new survey finds

Recent estimates show that Americans plan to spend almost $1000 on Christmas gifts this year - $100 more than last year's average.

In the first week of December - consumers have increased their gift budgets for the holiday season and will spend an average of $975 on gifts, which is $52 more than experts predicted in October.

A new survey found that - out of 1,888 shoppers - 49 per cent will do most of their gift-buying this month and 90 per cent will buy at least some presents in December. 

The sudden spike in spending is out of the ordinary - as consumer estimates usually drop as the season goes on.

Compared to last year - there is a sharp rise in expected spending, mainly among middle-income households and younger adults.

The $975 average spending prediction is the highest in the history of Gallup's annual measures.

Last year the holiday spending average was $867 - and the years prior had seen similar averages in the mid $800 range. 

The largest dip came in 2008 amidst the financial crisis - when the average spent on the holiday season was $616, down almost $300 from 2007. 

This year is the first time the holiday spending average has exceeded $900. 

Among young and middle-class shoppers, who have an annual household income between $40,000 and $99,000, the spending average was $947 - up over $200 from last year's $709.

Upper-income households haven't seen a significant change in holiday spending - which averages around $1,400.

Low-income households are reducing their budgets, with the average slipping from $477 to $429 this year. 

The survey also found that women's spending average over the holiday season went up $137, while men only increased their spending by $43 . It also showed that people under age 35 splurged a whopping $253 more than last year, while people over the age of 35 spent a relatively tame $73 more on average.

Households with children spend on average $1,306, while kid-free households spend $835.

Experts are predicting a few huge shopping days this month - including 'Super Saturday' (otherwise known as 'Panic Saturday') which is the last Saturday before Christmas. This month the busy shopping day will fall on December 23.

The third Saturday of December is also predicted to be one of the busiest shopping days of the season, only just trailing behind Black Friday.

Sherry Smith, a general manager of global enterprise for Criteo, told Axios that many retailers are expecting a 'last-minute shopping rush and will continue to offer deals and discounts through the end of the year.' 

Shops are even extending their store hours to account for the predicted holiday rush - with Target staying open from 7 am to midnight every day and Kohl's stretching their hours to 8am till midnight for the two weeks before Christmas. 

Statistics from 2022 showed that 60 per cent of US Christmas consumers preferred to do their shopping online.

The total spending for holiday gifts in the U.S. reached a jaw-dropping $178 billion in 2022 - and will likely go even higher this year.

Last minute shopping is the trend from last year - with 40 per cent of all 2022 Christmas sales occurring between December 15 and 24. 

Americans spend more on the holidays than any other country - with Lebanon trailing behind with a $891 average expenditure per person. 

France ($856), Canada ($776) and Australia ($458) all have high budgets for the festive season as well.

As well as gifts - other Christmas expenses have also been on the rise, with 20.98 million real Christmas trees purchased in the US in 2021.

One in five Americans were even willing to spend over $200 on their Christmas tree.