Leading consumer spending events by expected average spend in the U.S. 2023

Across the globe and in the United States, consumers tend to spend a considerable amount of money during specific festivities and seasonal events. During the winter holiday season of 2023, for instance, consumers in the United States expected to spend an average of over 870 U.S. dollars per person, making it one of the top U.S. shopping events of the year. That said, the top spot went to the back-to-college season, when average per capita spending was projected to reach nearly 1,370 U.S. dollars.

What do back-to-college shoppers buy?

Getting students ready for an academic year at college can be an expensive ordeal in the United States. In addition to paying tuition and rent, it is frequently the first time young adults leave their parents’ homes, which can translate to an array of items needing to be purchased. In 2023, U.S. consumers planned to spend a total of roughly 13 billion U.S. dollars on back-to-college dorm and/or apartment furnishings, which is a significant increase compared to previous years. Only four years earlier, planned college furniture spending in the United States stood at less than seven billion U.S. dollars in total.

The impact of inflation on consumption

Although consumers consistently spend more money on products and services during specific seasonal events, the wave of inflation that has hit the world in the last couple of years has thrown a wrench into many consumers’ shopping plans. For instance, increasing numbers of holiday shoppers in the United States have been looking for more sales than usual or said they would be buying less expensive gifts.