But now we're getting an indication of just how much less.
An ABC News poll found that Americans will fork out an average of $716 this year. That's the lowest amount since 1989.
More than half of those polled say they will spend less this year on gifts than last year, the sharpest decline in 23 years.
Two-thirds say they will wait for sales before buying, even if it means delaying purchases on gifts they really want.