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Survey forecasts Chicago holiday shopping slump

Even though shoppers flooded local shops and malls this past weekend, a new survey suggests holiday spending in our area will be down this year.

Many small-business owners worry that this holiday season could be “make or break.”

Deloitte’s new survey of more than 410 people, conducted from Aug. 30 to Sept. 18, suggests Chicagoans will spend $1,600 on average this holiday season, down 6% from last year.

Average holiday shopping is still up from pre-pandemic levels, per the report.

“While Chicago consumers are weary of the economy and planning to spend less this year, they’re also looking for ways to stretch their budgets,” Deloitte’s Matt Adams tells Axios. “Based on the traffic I’ve seen around the city the past few days, it looks like local shoppers were making the most of holiday deals to keep spirits bright.”

More stats:

  • On average, Chicagoans buy nine gifts in the holiday season.
  • Chicago consumers will visit only 4.2 brick-and-mortar stores this year, down from 6.1 last year. Visits to department stores are expected to be down 5%.
  • Consumers will also spend less time shopping — 5.6 weeks in the holiday window, as opposed to 5.8 weeks in 2022.

It’s not just gifts; consumers say they’ll spend 16% less on holiday experiences.