Americans plan to spend more this year on holiday gifts, according to a new Gallup poll. The total amount they estimate spending is $975 — an increase of more than $100 compared with last year and the most Gallup has recorded in its annual November poll since 1999.

What You Need To Know

  • Americans anticipate spending $975 for holiday gifts this year, according to a new Gallup poll

  • They plan to spend at least $100 more this year compared with 2022

  • Middle-income households, young adults and women are driving the increase

  • Based on its poll, Gallup anticipates year-over-year holiday sales could grow by 6-9% compared with last year

Anticipated holiday spending had held steady at about $850 for the past four years. Gallup noted that shoppers’ intentions run “contrary to the implications of Americans’ continued pessimism about the economy.”

Based on responses to this year’s holiday spending poll, Gallup says year-over-year holiday sales could grow by 6-9% compared with last year.

Consumers’ anticipated increase in holiday spending was driven by middle-income households with annual incomes of $40,000 to $99,999. They plan to spend $947 this year — an increase of more than $200 compared with last year. High-income Americans will spend about the same as last year — $1,400 — while lower-income Americans plan to spend slightly less ($429 compared with $477 in 2022).

Gallup noted that women are also driving the increase. They plan to spend $137 more this year, compared with $43 more for men. Young adults under the age of 35 also plan to spend more compared with middle-aged and older adults. Young adults said they will spend $253 more this year, whereas middle-aged people will spend $73 more and older adults will spend an extra $62.

About 1 in 10 Americans said they will not spend anything for gifts this holiday season.

Gallup conducted its poll just before the holiday season began, from November 1-23, prior to Black Friday, Small Business Saturday and Cyber Monday.