Get your credit card out: Expect to spend $900 on gifts this holiday season

Twin Cities citizens are expected to spend a record amount this holiday season, forking out nearly $1,000 on gifts for their loved ones.
Author:
Updated:
Original:

Twin Cities citizens are expected to fork out more than $900 on gifts for their loved ones this holiday season.

The annual St. Thomas Holiday Shopping Survey found metro area households plan on spending $918 (on average) just on gifts alone this year.

This is the highest amount ever recorded in the 15 years of the survey, and represents an 8 percent increase from last year's predicted outlay of $850.

Nationally, organizations such as Deloitte & Touche, the National Retail Federation and the International Council of Shopping Centers are predicting a smaller rise in holiday spending, between 3-4 percent.

In the Twin Cities alone, the survey predicts metro area shoppers will spend $1.24 billion over the holidays, providing a nice boost for retailers.

So what are they spending it on?

You know how sometimes it's really hard to think of the right gift for a relative or friend? That's why gift cards are once again expected to be the number one gift of choice this year.

But in second place, more popular than last year (when it was sixth), is giving tickets for trips and events – including plays and shows.

Falling out of fashion is jewelry, which fell from ninth last year to 13th this year.

Gaining in popularity are computer-related gifts, which have risen from 13th to eighth.

Lack of snow helps malls

The prolonged fall (albeit one which will end soon judging by this weekend's forecast) is encouraging shoppers to make it out to the malls and stores, according to survey researcher Jonathan Seltzer.

Shoppers still say around 39 percent of their holiday spending will be done online, only slightly less than the 40 percent they will spend at malls and downtowns, but these figures aren't that different from 2015, suggesting online shopping has plateaued in the Twin Cities.

Of the online spending, 43 percent will be spent at "internet-only" sites like Amazon, with 35 percent spent at physical retailers' websites (such as Target, Kohl's and Best Buy). Around 4 percent will be spent at "broker-facilitator" sites like eBay and 5 percent will come from "deals" sites like Groupon.

When asked to identify which malls they'll be heading to for most of their shopping, the top 3 names were the same as last year: Mall of America first followed by Rosedale and Southdale.

The biggest mover is the Galleria in Edina, which rose to fifth after being eighth last year, while Eden Prairie Center tumbled to 12th from fourth.

Next Up

Screen Shot 2020-12-02 at 9.55.05 PM

Small plane lands on northbound I-35W in Twin Cities

A large police presence is at the scene.

Plainview

Judge orders Minnesota gym that defied shutdown to close

Attorney General Keith Ellison sued the gym after it remained open.

montana cutbank

Charges: Man shot victim 'without provocation' using sawed-off shotgun

The incident happened on Nov. 24 in Ten Lake Township, located in Beltrami County.

Governor Tim Walz

Watch live: Walz, first responders address Minnesotans

Some departments have been forced to shift staffing or suspend service due to COVID-19.

covid-19, coronavirus

CDC says COVID-19 quarantine period can be cut to 10 or 7 days

You can come out of a 7-day quarantine following exposure provided you've had a negative test.

maple grove fire

1 person found dead inside Maple Grove business that burned down

A person had been unaccounted following the fire that destroyed Hanson Implement and Storage Tuesday night.

One-dollar bill, cash, money

Appeals court rules MN high school students can get unemployment benefits

They've been denied the benefits, and some were even asked to pay them back.

covid-19, coronavirus

Dec. 2 COVID-19 update: 77 more deaths in Minnesota

The death toll is closing in on 3,700 in Minnesota.

City Pages

Fan creates City Pages archive, Star Tribune tells him to remove it

After word spread that the defunct newspaper's website would go down, a fan created his own copy. Then he got a cease and desist letter.

Adam Thielen

Vikings activate Adam Thielen off COVID-19/reserve list

The star receiver missed last week's victory over Carolina.

Screen Shot 2020-12-02 at 10.27.14 AM

Naked man shot by St. Paul cop is charged for sexual assault of ex-girlfriend

The 31-year-old suspect remains at Regions Hospital after being shot.

Related

'Hipster' millennials expected to boost holiday sales, here's how much they'll spend

Millennials are expected to splash out this holiday season – what's making them so confident about their spending?

Holiday spending to rise, with millennial dads among most generous

Consumers are preparing for more spending this holiday season.

The Tip Jar: The best cash back credit cards out there

If you're spending, you might as well get something back for it.

People spent $8B more on Amazon over the holidays, yet investors are disappointed

People bought way more stuff from Amazon over the holidays than the year before. But not everyone was impressed.

Twin Cities shoppers to trim holiday budgets, spend more on gifts

Deloitte's 27th annual holiday survey shows shoppers in the Twin Cities plan to spend roughly $430 on gifts this year, but cut their overall holiday budgets.

Millennials expect to spend more money, they'll just ask mom and dad first

Millennials are making more money and planning to spend more, too. But before they buy that car, they'll ask their parents.

The Tip Jar: Why your credit score matters, and how to boost it

Want a mortgage? You'll probably need a solid credit score.

The average American credit card holder has a lot of debt

Nerdwallet says the cost of living has grown by 30 percent since 2003.