- 4.37% The percentage reduction in shopping spend over the holiday season in 2020 compared to 2019
- $1192 The average American’s shopping spend for 2020.
- 18 The number of states that have an increase in shopping spend.
% Change in Holiday Shopping
Those who feared that the holiday shopping season would be another victim of the pandemic can breathe a sigh of relief as data shows that American’s only reduced their spending over the holidays by 4.37% in 2020 compared to 2019.
The eagerness of American’s to still celebrate the season by buying and exchanging gifts will have brought comfort to retailers who were concerned that smaller gatherings, rising unemployment, and economic uncertainty would all combine to make it a frugal Christmas.
State-level data shows that people in major coastal states California and New York did curb their spending a little more than elsewhere, with both seeing reductions of over 20%. There were increases in spending in some states, with Montanna, Minnesota, and Ohio all seeing sharp rises compared to the previous year.
Analysis of the weekly spend across the country shows the traditional holiday season spike that we have come accustomed to seeing and also a significant dip in March when the pandemic first began to make a noticeable impact.
Holiday Season for Merchants
Some merchants enjoyed a particularly successful holiday season with Shutterfly, Bath & Body Works, and Newegg topping the table for largest increase in spend.
Consumer Spending Data Details
TOP Data analyzed weekly spending data of 1M Americans released by consumer finance apps. This spend was mapped to 55 retailers. We cross-checked our findings with publicly available information from each organization, and any correction provided was incorporated into the report.
Viewing this information in concert, we determined the weekly spent over the last 15 months by state.