Nov. 26 (UPI) -- Americans are planning to spend more money on Christmas this year, and their money could end up benefiting U.S. retailers more than it has in years, a new survey said Tuesday.
Gallup said in its poll Americans plan to spend an average of $846 on Christmas gifts -- an increase of $52 over 2018 and one of the highest preseason estimates in the past decade.
"In this year's survey, 34 percent of Americans say they plan to spend $1,000 or more on holiday gifts, which along with 2006 and 2017, is one percentage point behind the highest percentage at that threshold, from 1999," Gallup Senior Editor Jeffrey Jones said. "The 2019 holiday season is poised to be a strong one for retailers."
A Gallup survey last week showed Americans' confidence in the economy has risen in recent months following fears of a recession.
"Low unemployment and record stock values have helped to create an economic situation that is leading Americans to estimate they will spend a little more this Christmas," Jones added.
Gallup polled more than 1,000 U.S. adults and said the survey has a margin of error of 4 points.