Christmas Eve of 2024 — and the holiday shopping clock is finally winding down.

“Hundreds of people are ringing up every day, that’s for sure,” explains Lizzy Newsome, Toy Curator for Kappa Toys. “We were a little slower at the beginning of the month, but now everyone’s coming in and trying to finish their holiday shopping.”

Some shoppers at Mall of America told us they were ready for the big day — and had a plan in place.

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“I might buy some random gifts today, but nothing that I actually need to get,” says Jessica Phillips from Plymouth. “We’re pretty much done. I don’t think we’re buying any gifts today, really.”

But we found plenty of last-minute shoppers looking for deals — like the Gutierrez family, who traveled here from Illinois.
 
“More often than not, we don’t know what the kids want,” Ricardo Gutierrez notes. “We give them money; we take them here, and there they go.”

The National Retail Federation says Americans are expected to spend about $902 per person on holiday gifts, food, decorations, and other seasonal items.

The group says that adds up to $989 billion nationwide in November and December, a 3.5% increase from last year.

“There’s just like industry gossip that election years are always a little bit uncertain,” Newsome says. “Just we’ve seen it in the industry, everything costs more, too, so they might be buying the same amount they bought last year, but with inflation, everything’s costing a little more.”

A University of Minnesota-Duluth study found consumer prices have risen 21.7% since February 2020.

We asked shoppers about that $902 shopping threshold.

“I probably spend around, about the same amount, about a thousand,” notes Tario King, visiting from Atlanta, Georgia. “I spend more personally. I got a lot older, made more money, and things cost more now.”

There is good news for last-minute and post-holiday shoppers.

The Consumer Price Index says prices for many items are down.

A CPI report found prices for sporting goods have fallen 2.5%, computers and electronic games prices are down 5.7%, and the cost of toys and games has fallen 6.7%.

However, the report also says apparel prices are up 2.6%, photography gear is up by 15%, and jewelry prices are up by 6%.

Then, there’s the debt issue.

A WalletHub survey found nearly half of Americans still have debt from last year’s holiday season — double the percentage from the year before.

The New York Federal Reserve reports that resulted in a record $1.8 trillion in credit card debt nationwide.

Still, that U of M study says U.S. shoppers are feeling more optimistic this year and plan to increase their holiday spending by 8% over last year.

With a family that includes four kids, Gutierrez says he is spending more but is also trying to keep within a budget.

“More definitely, you can feel the pinch of inflation a little bit,” he explains. “But still make it a good time for the kids. Make it fun for them. Make it memorable.”