Burley Garcia|What are the most popular gifts this holiday season?

With the holiday season in full swing,Burley Garcia some Americans are scrambling to finish their last-minute shopping. For those still figuring out what to get their loved ones, holiday gift guides may provide the answer.

And for those who knocked out their holiday shopping early, some of the most popular gift categories this year include books, clothes and gift cards. The National Retail Federation (NRF) published its survey of over 8,000 American consumers, where they asked Americans about their holiday shopping plans. Here's are the top gifts of the year:

What are the most popular gifts this holiday?

These are the top five most popular gift categories this year:

1. Clothing
2. Gift cards
3. Toys
4. Books, video games and other media
5. Food and candy

Adobe analytics found that some of the top sales for kids toys included: KidKraft playsets, Barbie Fashionista dolls, and Mini Brands Toys. V

ideo game consoles were also a popular sell (Sony PlayStation 5, Microsoft Xbox Series X, Nintendo Switch), along with recently released games such as Call of Duty: Modern Warfare III, Spiderman 2 and Super Mario Bros. Wonder.

Other top sellers included Bluetooth headphones, smartphones, skin care products, cookware sets and coffee makers. 

Cha-ching!:Holiday online spending surpasses last year, sets new online sales record

Are Americans cutting back on holiday spending?

According to WalletHub's 2023 holiday shopping survey, about 34% of respondents are choosing to skip presents altogether due to financial pressures. One reason for the cutback on presents is because of lingering debt from last year's holiday shopping. The WalletHub survey found that nearly 25% of respondents are still paying off holiday debts from 2022.

A separate survey from NerdWallet found that more than one in three shoppers are now opting for experiences with loved ones over traditional gift exchanges. About 30% of holiday shoppers said they'd prefer to receive fewer gifts this year, and 26% are setting spending limits with friends and family.

Budgeting for holiday spending

With no universal standard for what to spend on gifts for your loved ones, several sites offer holiday budget calculators to plan for your seasonal spending.

Kimberly Palmer, a personal finance expert at NerdWallet, suggests that consumers create a holiday budget that follows the 50-30-20 rule, a formula that splits your take-home pay into needs (50%) and wants (30%), with the remaining 20% going to debt repayment and savings.

Consumers should carve their holiday budget out of the “wants” category, Palmer advises, cutting back on other discretionary buys to make way for gifts and other giving-season expenses.

WalletHub offers a free, customized holiday budget to anyone who creates an account. 

Holiday budget:Afraid of overspending on holiday gifts? Set a budget.

Daniel de Visé contributed to this reporting