The biggest American festival of the year, Christmas, is just one day away. Trees are adorned with trinkets both new and old, carols fill the air, and friends and families gather to celebrate. It’s a season of joy, giving, and hope.
Christmas holds a special place for all of us. It is the excitement of putting up the lights, the thrill of giving and receiving gifts, the joy of sharing a festive meal, or the warmth and company of loved ones. It is a time to slow down and reflect on the year gone by.
A nationwide TIPP Poll of over 1,400 Americans conducted earlier this month found that almost three-quarters of them were looking forward to Christmas. The spirit of the festival is so universally resonant and uplifting that people of all faiths and cultures across America have adopted it.
Christmas has been dubbed the ‘season of giving.’ In fact, it is fair to say the holiday season has become a key driver of the American economy, with many retailers banking on the festival shopping frenzy to meet their annual sales targets.
According to the National Retail Federation (NRF), holiday retail sales in the U.S. touched a record $964.4 billion in 2023. For the current year, forecasts estimate that holiday spending will grow 2.5% to 3.5% over 2023.
While the increase is good news for the economy, things are not so rosy at a household level. More than half (58%) of the TIPP Poll participants said they were worried about how much Christmas was going to cost this year. On the other hand, slightly more than a third (37%) were not concerned.
Though there has been good news on the economic front in recent months, the cumulative price increase from recent years continues to impact household spending. According to some estimates, the overall cost of Christmas items has increased by 5.4% compared to the previous year. As inflationary pressures drive up holiday expenses, including travel, food, and gifts, families are forced to cut back or spend more for their celebrations.
Accordingly, about a quarter of the survey participants plan to spend more this Christmas season. More than a third, 38%, aim to keep their spending about the same as in previous years. A fifth plan to spend significantly less.
While gifting, shopping, and feasting are big parts of the celebrations, Christmas is also the ‘season of joy’ that lies beyond material possessions—a pervasive joy found in carrying on traditions and making new ones, spending time with loved ones, lending a helping hand, or spending time in contemplation. The message of Christmas is clear—it is one of love, peace, and hope.
