Here's how much Americans plan to spend on the holidays this year

Americans may be down on the economy, but that's not going to stop them from opening their wallets this holiday season. 

That's according to a BofA Securities' holiday spending forecast which predicts a rise in Americans' spending this year, bolstered by real wage growth that's outpacing inflation — making goods relatively affordable for consumers. Consumers are expected to spend 7% more in 2024 than they did in 2023, to bring their average anticipated spend up to nearly $2,100, according to the forecast.

"A healthy labor market, inflation moving in the right direction, and real wage growth are all positive for the holiday season," BofA Securities senior U.S. economist Stephen Juneau said on a press call this week.