Houston - Are high inflation and a possible recession impacting your holiday spending? Ironically, Houstonians actually plan to spend more this year, according to a new survey.
Researchers say to expect fewer gifts this year and not because you're on the naughty list. The average Houston shopper is dropping from buying 16 presents to nine this year, but expects to spend $200 more.
"Folks are going to do what they need to do to have a great holiday season. So we’re seeing increases in things like credit cards and debt to make up for the shortfall in the budget," said Rod Sides with research firm Deloitte.
Deloitte's recent survey found 68% of Houston expects to spend more this holiday season over last year, even surpassing pre-pandemic holidays because they refuse to say bah-humbug.
"What’s interesting in what we’re seeing is folks are participating in the season, lower income especially. Lower income is up 25% year-over-year because many chose not to be engaged in holiday last year," said Sides.
Houston shoppers are expected to spend an average of $1,577, which is $200 more than last year and $100 more than the national average.
Nearly half of them are shopping earlier this year, taking advantage of October and November sales, and also worried that shipping delays could mean shortages.
However, Deloitte's survey of 30 local retail executives found they don't expect shortages.
"We asked them, ‘Are you worried about stock-outs?’ And the answer was no. 100% of respondents say they were going to get their shipments on time," said Sides.
While most people plan to shop online, 37% say they’ll shop in stores, which is up 5% from last year.