December 18, 2024

Tis the Season for Spending

Introduction

Winter holidays represent a time when Coloradans are most prone to opening their wallet, driven by tradition, generosity, and celebration. Despite inflation and economic uncertainty, holiday spending remains resilient overall, but the way people allocate their budgets is changing. In Denver, the decline in expected expenditure suggests a focus on smaller, more meaningful celebrations. At the same time, national trends indicate that experiences, digital convenience, and sustainability are reshaping what the holidays look like for millions. 

Key Findings

• Holiday Spending Increases: Americans plan to spend $1,778 per person on the December holidays, up $126 from last year, driven by a better economic outlook and higher prices. 
•  Denver Spending Declines: Deviating from the national trend, Denver residents are cutting back, with holiday spending expected to drop from $1,902 to $1,782.
• Experience Over Gifts: Spending on holiday experiences has grown, with Denver residents spending 15.6% more on experiences than the national average.
• Rising Christmas Tree Costs: Christmas tree prices have doubled over the past decade nationally, leading more than 25% of Americans to cut their own.
• Cautious Spending: Many are still managing last year’s holiday debt, reflecting a more careful approach to this year’s shopping.

Christmas Trees Spending

With inflation tightening wallets, many consumers are reevaluating how they obtain their Christmas trees. This year, the average price for a Christmas tree in the U.S. increased by 10% compared to last year, costing between $80-100. Here are the historical price averages for an authentic Christmas tree:  

2008: $37 

2010: $36 

2012: $41 

2014: $40 

2016: $75 

2018: $75