The period from November 21st to December 1st marks the annual peak of Thanksgiving holiday shopping frenzy, with households embracing the opportunity to shop for Christmas gifts amidst the great discounts offered by businesses around Black Friday. Children start to compile their wish lists, and parents prepare for the upcoming holiday shopping spree.
According to a survey conducted by Intuit Credit Karma in October involving over 1,000 adults, parents have identified the top five toy or gift categories they believe their children are most eager for this year:
– Toys & Games: such as Barbie, LEGO, Slime, fidget toys, etc., accounting for 54%.
– Electronics & Tech: including iPhone, gaming consoles like Nintendo Switch, totaling 47%.
– Experiences: like concert tickets, sports event tickets, comprising 32%.
– Apparel & Accessories: trending brands or accessories like Lululemon, Brandy Melville, making up 29%.
– Collectibles & Novelty: items such as blind boxes, Labubu toys, or Sonny Angels, at 28%.
On November 24th, CNBC reported that even though the popularity of Labubu dolls has slightly decreased this fall, the survey indicates that they are still highly sought after this holiday season, with 28% of parents expecting their children to desire them. Tickets for entertainment events like concerts and sports matches also remain on kids’ top lists.
According to a Gallup Poll conducted in October involving 1,000 American individuals, consumers mentioned they plan to spend an average of $1,007 on gifts this year, slightly lower than the $1,014 in 2024 but higher than the $923 in 2023.
Retail prices for Barbie dolls generally range from $10.49 to $44.99 for collector’s editions, the starting price of an iPhone 17 is $799, and Labubus are priced at $27.99.
Analysis from Pollstar shows that the average ticket price for the top 100 tours in 2024 was $135.92. However, if purchasing tickets on the resale market, the actual prices could be even higher.
Financial services company LendingTree estimates that due to tariffs, each consumer may spend an additional $132 this year, leading to a total holiday spending increase of $40.6 billion.
The survey by Intuit Credit Karma also reflects potential financial strain in gift shopping and parents’ concerns. More than half of parents anticipate their children asking for gifts that exceed their financial capacity, expressing worries that their kids’ wish lists go beyond their budgets. 49% of parents mentioned they would explain to their children that due to economic pressures, they won’t receive everything on their lists.
However, 45% of parents are willing to take on some debt to ensure their children have a joyful holiday. Additionally, 65% of parents are planning to purchase more practical and necessary gifts for their children to cut expenses.
To manage spending, many parents opt for more frugal or creative gift-giving methods. Some might adopt the “one gift rule,” give handmade gifts, present experiences, or offer necessities such as subscriptions, groceries, among others.
The survey also highlights that some families start shopping for gifts earlier to alleviate financial pressure during the holiday season.
Recently, Erika Rasure, a financial health consultant at Beyond Finance, emphasized in an interview with CNBC that even though you may feel pressure to be “generous” during the holiday season, gift-giving should not jeopardize your financial well-being.
She advised consciously selecting gifts to keep expenses within a comfortable range, avoiding impulse buying, and remembering that it’s okay to say “no” without guilt.
Rasure stated, “Give yourself permission to say ‘no.’ It’s entirely reasonable to prioritize your financial situation and your own plans during this holiday season.”