(Undated) -- Americans are spending more on average for gifts during the 2023 holiday season.
The data comes from a Gallup poll released on Wednesday, which states Americans will spend an average of $975 on gifts for the holiday season. This is up by more than $100 compared to a year ago and is the highest number measured in Gallup's November measurements since they started in 1999. The National Retail Foundation also expects spending to reach record levels, saying sales during November and December will increase by 3-4% since 2022.
All of this despite LendingClub Corporation saying 60% of consumers surveyed lived paycheck to paycheck as of October 2023. Additionally 77% of those surveyed who intended to shop for the holidays said their "financial health" was worse compared to 2022, according to LendingClub Corporation.