Parents could use some extra help from Santa this year.
A recent report from Deloitte found consumers are planning to cut back on presents, which could result in some underwhelming reactions on Christmas morning.
- The report also found consumers expect to cut back on shopping time, and the number of physical stores they plan to visit.
Despite cutting back, 74% of consumers expect to spend the same or more as they did last year, with the average expected holiday spend coming in at ~$1.4k.
And for their part, retailers don’t seem worried — 77% expect total sales to increase YoY.
