Holiday season spending is expected to rise this year versus last year, though the increase among middle-income shoppers is forecast to be far smaller due to the impact of student loans and lower wage growth.
Overall, shoppers are predicted to spend an average of $1,652, up 14% from last year, according to a Deloitte survey of 4,330 US adults conducted in late August and early September. Shoppers with yearly household incomes between $50,000 and $99,999 expect to spend 26% more this year, or about $1,534. And those who earn $200,000 or more expect their holiday spending to increase 22% to $3,922.
Americans with yearly household income between $100,000 and $199,999 only plan to spend about 2% more this year, or $2,167, as college debt loads — coupled with a lack of real wage growth — makes this demographic less optimistic about holiday spending.
“This is the group that likely is going to feel the shift from student debt coming back more than the other income groups,” said Brian McCarthy, a Deloitte principal and one of the report’s authors. Along with a stagnant housing market, this makes them “the most burdened right now,” he added.
Of those who have student loans to pay back across all income groups, nearly half of them plan to curb their holiday expenditures, the study showed.
Meanwhile, a bigger chunk of shoppers are concerned with getting a deal. Two-thirds say they will shop during Thanksgiving week, which includes Black Friday and Cyber Monday. That compares with 49% in 2022.
From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.
Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.
“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.
Sellers shift focus: It's not about succession anymore.
Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
