Holiday spending plans jump up for 2024, but inflation dampens the cheer | C-Suite Insights 11.20.24
Americans Are Ready to Open Their Wallets This Holiday Season—but Inflation Limits How Far Their Dollars Can Go
According to our Holiday Spending Survey, the average US consumer intends to spend $1,063 on holiday-related purchases in 2024. In nominal terms, that’s up a robust 7.9% from $985 in 2023.
But after adjusting for inflation, 2024’s splurge looks less impressive. As measured in constant 2017 dollars, holiday spending plans average $860 in 2024—5.3% higher than last year, but still below 2022 and 2021 amounts and down substantially from prepandemic levels.
Shifting priorities? On gifts, consumers plan to spend an average of $677, up a modest 3.4% from 2023. But budgets for non-gift items such as food, decorations, and wrapping paper surged by 17% to $387 in 2024, after slumping last year.
The TCB Take: US consumers plan to spend more on the holidays this year than last year. Still, their dollar does not go as far now compared to before the pandemic due to the surge in inflation in recent years. ?
This may have prompted a shift in priorities from purchasing gifts to enjoying the holiday experience itself with food and decorations, as well as a stronger preference for purchasing vacations and gift cards over physical gifts, and celebrating closer to home over traveling long distances.?
Announcing the CEO Recipients of CED’s 2025 Distinguished Leadership Awards
The Committee for Economic Development (CED), the public policy center of The Conference Board, is honored to announce the CEO recipients of its 2025 Distinguished Leadership Awards, who will be recognized at the Distinguished Leadership Awards Celebration in October 2025. ?
The annual awards, a tradition for over three decades, honor leaders who demonstrate a strong commitment to providing equal opportunity, building a more civil and just society, and advancing public policy in the nation's interests. ? ?
This year’s recipients are: ?
Why it matters: “This year’s distinguished honorees have demonstrated a deep sense of responsibility for the impact they can have within their companies, communities, and the nation at-large,” said David Young , President of CED. “By recognizing these exemplary leaders and companies, CED aims to inspire other leaders across the public and private sectors to address the most consequential economic, educational, and geopolitical issues of our time.”
The Conference Board Annual C-Suite Outlook Survey Is Now Live
Now in its 26th year, the C-Suite Outlook survey yields insights that have guided leaders through financial uncertainty, technological revolutions, geopolitical turmoil, global health crises, and climate challenges. Whatever your industry, your perspective is invaluable. It benefits the entire business community, and we appreciate the time you invest in responding. ?
By participating, you can request the full report as soon as it is available in early 2025—as well as get early access to our data comparison tool. Survey closes November 29.?
GHG Emissions: Why Scope 3 Is the Next Big Challenge
Where does corporate America stand on reducing greenhouse gas emissions? Significant progress has been made in stabilizing or reducing Scope 1 and Scope 2 emissions. But Scope 3 emissions, which stem from a company’s broader value chain, have seen a significant increase—and remain a major challenge. ?
By the numbers:?
What’s driving the rise in Scope 3? This increase is likely due to more companies disclosing and more precise emissions tracking, as well as potentially expanded carbon-intensive activities in some sectors.?
The TCB take: As regulatory pressures grow, particularly with the EU’s Corporate Sustainability Reporting Directive and California's climate disclosure laws, many large firms will face stricter Scope 3 reporting requirements. Companies should focus on:
Can Brands Reunite Americans?
The US elections have shown a divided country at the ballot box, but this doesn’t have to be the case at the store. ?
By emphasizing values that don’t have a political connotation and are more universally embraced, brands can tap into a broader market and be unifiers as a side effect. Such values can include quality, innovation, health, human connection, or happiness. ?
Stepping back from taking stands: Over the past decade, brands increasingly took stances on social and political issues, driven in part by younger generations' interest in social and environmental topics. But this contributed to the perception among some that brands promote mainly progressive values, further fueling a backlash against ESG and DEI. ?
In response, businesses with specifically conservative values have emerged—from coffee brands to wireless providers. ?
The TCB take: Post-election, companies don’t have to shy away from expressing genuine brand values, even if they are political. But generally, brand differentiation through other emotion-evoking and non-divisive ways may be a more advisable strategy to reach a broader market.?
QUOTABLE: CEO Support for DEI
“DEI really needs the vocal and visible support of the CEO…CEOs need to start by reinforcing the message that DEI—whether you call it that or not—remains important and that it remains vital, no matter what is happening in the world.”?
— Diana Scott , US Human Capital Center Leader at The Conference Board. She joined C-Suite Perspectives to discuss how companies can rethink DEI.?