Consumers altered their buying plans in the three-month period between August and November of this year, largely due to the COVID-19 pandemic, judging by a pair of studies by AKi Technologies, conducted with TapResearch. In August, 33% expected to spend more on the holidays this year than they did in 2019. In November, that percentage had jumped to 38%.
But it depends on the income level: 41% of those with over-median income were likely to spend more, versus 28% of shoppers who were under the median.