Denver consumers plan to spend more money this holiday season than they did the last three years despite the governor’s office estimating that the average inflation rate in Colorado will be 5 percent in 2023.

A recent survey by Denver-based business consultant Deloitte found that 74 percent of Denverites are planning to spend more this winter season — an average of $1,902. This expected spending average is up 15 percent from 2022 and 15 percent higher than this year’s national average of $1,652.

The national holiday spending average in 2019 was $1,496.

Deloitte points toward a few factors helping the retail rise. About 95 percent of those surveyed expect to participate in holiday shopping, a significant rise from the 88 percent in 2021. Also, shoppers are planning for inflation, and keeping an eye on savings and rising prices.

Denver residents expect to buy an average of nine gifts this season. The average was 10 in 2022, according to the survey. About 72 percent also noted they plan on shopping during Thanksgiving and Black Friday sales to counteract high prices, up from the 51 percent in 2022.

Deloitte recommends that retailers jump onboard with holiday sales, especially surrounding Black Friday, as the bump in early shopping can lead to boosted business. Online sales are also preferred, with 66 percent of consumers preferring online businesses this season compared to 60 percent who shopped online in 2022.

Though student loan payments have restarted since the fall of this year, Deloitte found that the payments have little-to-no effect on shopping predictions.

With numbers returning — and even passing — numbers prior to the pandemic, Deloitte concluded that the holiday spending spirit has indeed returned.

“Many trends, including spending, have normalized or surpassed pre-pandemic levels, indicating consumers may be ready to put pandemic restraints behind them,” Deloitte said in its report.