This isn’t surprising:

November is when that spend really starts to play out, though, with 53% of respondents saying that’s when they’ll exhaust most of their holiday budget.

That spend is likely from ecommerce brands or retailers that make their quarter during Black Friday. For those brands, December is about riding the fumes and saving cash for a post-Christmas push.

Ad spend can be a leading economic indicator, so this is good news:

Concerns about a recession or inflation seem to be fading among the marketers surveyed, with 86% saying they plan to spend at least as much on holiday ads this year as they did last.