Recession fears drive Denver shoppers to cut holiday spending

The unofficial start of the holiday shopping season has arrived — and Denver shoppers are heading into it with more caution than cheer.

The big picture: Americans are planning to spend less for the first time since 2020, as higher prices and economic uncertainty make consumers anxious and more frugal.

By the numbers: Two-thirds of Denver respondents in a new Deloitte survey think a recession is looming, forcing them to scale back on holiday shopping.

81% of Denver shoppers surveyed expect higher prices this year.

They've budgeted about $1,530 for their holiday shopping, a 14% drop from last year.

Stunning stat: The share who think the economy will weaken in the year ahead jumped to 67%, up from 34% a year ago.

The vast majority of Denver shoppers (90%) surveyed are seeking cost-saving ideas.

58% say they'll make DIY presents.

The fine print: Deloitte's online survey polled 424 consumers in metro Denver between Aug. 27 and Sept. 17. The margin of error is plus-or-minus 5 percentage points.

Deloitte's national survey, conducted during the same time period, included a sample of 4,270 consumers and showed similar spending shifts to Denver's.

State of play: The holiday shopping season is kicking off alongside a coordinated "We Ain't Buying It" boycott of corporate purchases. Some progressive groups are urging consumers to keep their dollars hyperlocal.

The five-day Thanksgiving-week boycott focuses on three corporations — Target, Home Depot and Amazon — that organizers with No Kings say have "caved" to the Trump administration's "harmful policies."

It overlaps with a Mass Blackout movement, an economic shutdown campaign organized by a coalition of grassroots groups, which is calling on supporters to skip both shopping and work during the same window.

Zoom in: For Small Business Saturday, Denver-area shops are rushing to capitalize on the moment with deals, pop-ups and neighborhood events.

What they're saying: "If I was a local marketer or local retailer, I would really look to put my best foot forward this holiday," Deloitte principal Robert Ried told the Denver Post. "I would make sure that I remind folks that we're local."