Americans expected to give fewer gifts this holiday season

With the holidays around the corner and inflation still running hot, many consumers are starting their shopping early this year.

Because overall product prices are up about 10%, shoppers are likely make fewer purchases and give fewer gifts, while spending roughly as much as they did collectively last year. That breaks down to an average of $1,455 spending this year per household, according to Deloitte's 2022 Holiday Retail Survey. 

Americans are are expected to purchase an average of nine gifts, down from 16 last year, while also pulling back on non-gift purchases like holiday décor.