Holiday Shopping Forecast
Good news for retailers. If things go as predicted, this year’s holiday season will be a jolly one. The National Retail Federation is forecasting a 4.1% gain in holiday spending this year, with the average holiday shopper dropping a total of $749.51. Total holiday spending is expected to reach $586.1 billion, Marketing Daily reports.
While consumers say they are less worried about the economy than they were last year at this time, they are still looking for bargains. Last year, 62.2% of respondents said the economy would affect their holiday spending. This year, only 52.3% said so.
Consumers also think they deserve to treat themselves. 60% of shoppers say they plan to “self-gift,” spending an average of $139.92 on something they really want—the highest percentage in the 10 years the survey by BIGinsight has been conducted.
The majority of Americans (51.8%) say they will do at least some of their holiday shopping online, up from last year (46.7%). Slightly more than half of smart phone users plan to use them to shop, while 64.1% of tablet owners will use them to shop.
Discounters still rank #1 as the favorite place to shop with 65.3% saying they’ll head to big-box stores, followed by department stores (57.8%) and grocery stores (51.8%). It’s possible that practical gifts will do better this year given that last year only 48.8% of respondents said they’d do holiday shopping at grocery stores.
Where do you plan to do the bulk of your holiday shopping? Will the economy affect your holiday spending?