Consumers are expected to chase sales and make more practical purchases this holiday season in anticipation of higher prices, according to an annual retail survey released Monday by consulting firm Deloitte. 

In Minneapolis, the average shopper is expected to spend $1,492 , which is on par with 2022 spending. But this year’s survey finds customers more likely to purchase fewer items or wait for sales.

Notably, 2022 spending bounced back from a pandemic lull. But a Twin Cities spending plateau this year diverted from the national spending average, which is 10% higher at $1,652 per shopper, according to the survey. Locals are also spending less on non-gift apparel and decor, clocking in at an estimated $280 compared to the national $373 average.

With inflation in mind, 74% of shoppers expect higher prices and have planned a few spending shifts that reflect this, according to the survey. Shoppers are budgeting to purchase fewer gifts. Expecting higher price tags on individual items, shoppers plan to allocate a higher proportion of their budget to gift cards, spending an average of $279 this year versus $210 in 2022.

It will also likely be a busy Black Friday and Cyber Monday with 75% of shoppers reporting plans to shop during the Thanksgiving week, up from 52% last year.

Here are other highlights from the survey:

• Minneapolis shoppers plan to shop in-store more than last year with 41% of their budget planned to be allocated to shopping in-store compared to 31% in 2022.
• The Minneapolis shopping duration is expected to be an average of 5.9 weeks versus 6.7 weeks in 2022.
• Preference for in-store shopping rose slightly year over year with 79% of surveyed shoppers. expecting to shop in-store compared to 73% last year.
• An average of about 41% of shopper budgets is expected to be allocated to in-store shopping.
• Believe it or not, people are budgeting less. Only 53% of Minneapolis shoppers expect to stay within a fixed budget compared to 62% last year.