Shoppers expect to spend $1,387 per household this Holiday season, down 7% from last year, with 38% planning to spend less this year, the most since the 2008 financial crisis, Deloitte’s 2020 Holiday retail survey found. Of those planning to cut spending, 50% cited concerns around economic instability due to Covid-19, and 40% are saving more rather than spending. But spending on gifts is only expected to be down 5%, with a much larger cut coming from travel budgets (-34%). Spending on entertaining at home is expected to be flat, while non-gift Holiday purchases are the big winner, gaining 12%.

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