Here's what the average Chicagoan will spend this holiday season
by Ally Marotti / Crain's Chicago Business / November 23, 2022
It's the holiday season, and Chicagoans are wondering whether the most wonderful time of year might also mean an empty wallet.
Chicagoans expect to spend $719 on their holiday shopping this year, according to data from business management consulting firm Accenture. That includes holiday travel, food purchases and shopping. Though Chicagoans' expected spending is lower than the national average of $770, it's still up 19.3% from last year's predicted $580.
The main culprit, of course, is inflation. Prices were up 7.7% in October over the year prior, according to data from the Bureau of Labor Statistics.
"People are realizing they're going to have to spend more," said Lori Zumwinkle, senior managing director of Accenture's North American retail practice.
At the same time, financial caution is coming to the forefront, said Marshal Cohen, chief retail industry adviser for market research firm The NPD Group. Fewer consumers plan to buy gifts for themselves while shopping, which will limit impulse purchases. Others are waiting to buy gifts until they see the recipient in person. Read more HERE