Chicagoans expected to spend more this holiday season, survey finds | What are people buying?

CHICAGO (WLS) -- The holiday shopping season in full swing, and Chicago-area shoppers are expected to spend more this year as they experience the holidays in new ways.

That's according to the 2024 Deloitte Chicago Holiday Retail Survey.

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Deloitte's Matt Adams visited ABC7 to share how much Chicago shoppers are planning to spend.

Key findings from the Chicago data include:

1. Average expected holiday spend in Chicago is up. Chicagoans plan to spend an average of $1,744 this holiday season, which is up nine percent from 2023 and on par with this year's national average of $1,778.

1. Chicago shoppers are optimistic about the economy. Six in 10 Chicago shoppers surveyed expect higher prices this year (down from seven in 10 last year) while 46% of those surveyed locally expect the economy to improve next year (compared to 27% last year).

1. Experiences are the reason for the season. As Chicago respondents contemplate where to spend their holiday dollars, they are prioritizing experiences (+24% YoY) like holiday events and socializing with loved ones, while gift spending is expected to be relatively flat (-6% YoY), and non-gift purchases such as party apparel and decorations continue to gain in importance (+7% YoY).
2. Thanksgiving deals still reign. Seventy-eight percent of Chicago respondents plan to shop during Thanksgiving Week; up from 61 percent in 2023. Intent to participate in Thanksgiving events in Chicago is the highest among Gen Z (87%) and millennials (87%).
3. Presence over presents. Three in 10 Chicago respondents expect to host a holiday gathering, with many saying it is an important part of their tradition. Chicagoans plan to invite an average of 11 guests and plan to spend $283 on average. To help offset the cost, 45% of hosts plan to ask guests to bring food or beverages.