Denverites are expected to spend $1,782 on the holidays, which is 6 percent less than last year, according to Deloitte Consulting’s holiday retail survey.
The spending is on par with the national average. But while Denver expectations are trending downward, the national average trended upward.
In Denver, spending is likely to drop for both gift and non-gift spending. But people are still willing to pay up for experiences. Spending on things like live entertainment and dining out is expected to jump 7 percent, the survey found.
The survey contacted about 440 consumers around Denver from Aug. 30 to Sept. 17.
Here are some other key findings from Denver:
- Denverites are pulling back on self-gifting. Only 29 percent of respondents plan to buy something for themselves. Last year, roughly half said they were going to purchase themselves a gift.
- Inflation has slowed down significantly, but people still expect to pay more, with seven in 10 expecting higher retail prices.
- About one-third of those surveyed said they are in worse financial shape than they were last year. That’s about the same as in 2023.
- Online retailers and mass merchants are expected to get the most shoppers who cite convenience and variety as the reasons.
- Shoppers are less likely to be loyal when it comes to brands, with nearly half of respondents seeking out more affordable retailers, and 66 percent planning to switch to lower-priced brands.
- The younger generations plan to do a lot of shopping on their phones. More than three-quarters of Gen Z plan to shop on their phones. That compares to 15 percent of Baby Boomers.
- One in four respondents plan to host a holiday gathering with an average budget of $262. About a quarter intend to invite fewer guests this year. Nearly half plan to ask guests to bring food or beverages to offset the costs.
Editor's note: This article was updated Dec. 16, 2024, to clarify the number of people contacted for the Denver-are survey.
