Despite rising gas prices and inflation, Americans are planning to increase their holiday spending by 5.7% this year, totaling $278 billion.
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The QuickBooks 2026 Holiday Shopping Survey reveals this will mark the third consecutive year of growth.
However, many lower-income shoppers are making sacrifices, with 19% cutting back on essentials to afford holiday expenses, compared to just 7% of higher-income shoppers.
Lower-income households are also placing a greater emphasis on the spirit of giving, with 46% stating that giving matters more to them this year compared to previous years, in contrast to 32% of upper-income shoppers.
The survey highlights a stronger emphasis on giving among lower-income households, with nearly half stating that it matters more to them this year.
Younger generations, particularly Gen Z and Millennials, are also feeling financial pressure, with many considering alternative payment methods like Buy Now, Pay Later services.
Overall, small businesses are expected to benefit from this increased spending, with 35% of shoppers planning to allocate a larger portion of their budgets to local retailers.
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