New figures from Deloitte are somewhat optimistic even as the U.S. economy continues to head toward a recession this holiday season. The organization recently released its Holiday Retail Survey, which finds that American households are continuing to feel the pressure of inflation and economic pressures but will continue to maintain holiday spending levels. 

The report found that 37 percent of American households say their financial situation is worse than last year. As a result, 73 percent of households are anticipating an increase in the cost of products, impacting how they plan to spend their holiday dollars. 

An increase in spending is not predicted, however, as numbers are expected to match 2021 levels reaching $1,455 per consumer. The report finds that consumers are changing their buying habits, focusing on shopping smarter and purchasing fewer gifts. 

This means a shorter shopping season, but with consumers starting earlier to get all their gifts bought well in advance of the holidays. The report finds that 38 percent of consumers planned to start their shopping by the end of October. 

Online shopping also continues to grow in popularity, but consumers are ready to make a return to in-person shopping. Approximately 35 percent of shoppers' holiday budgets will be spent in-store, up from 28 percent in 2020. Shoppers also plan to spend approximately a quarter of their holiday budget by the end of October. 

Consumers are also adjusting their shopping habits in a return to pre-COVID travel and gathering. This is motivated by a desire to reconnect with family and friends after nearly three years of social distancing. Over half of consumers are expected to travel this holiday or attend social events.