Nearly 30% of holiday budgets expected to be spent by the end of October

According to a new report from Deloitte, nearly 30% of holiday budgets are anticipated to be spent by the end of October, marking the highest level observed in six years. The consulting firm's annual holiday shopping survey reveals a significant shift in consumer behavior. Twenty-two percent of respondents plan to kick off their holiday shopping earlier than last year, while 28% of shoppers are expected to exhaust their budgets by the end of October.

This trend is driven by the fact that shoppers are also engaging in more purchases outside of the traditional Black Friday and Cyber Monday shopping frenzy. Forty-two percent of respondents plan to take part in October sales events, which represents an 18% increase over the past three years. Furthermore, one in four shoppers has already indulged in holiday gift purchases during June promotional events.