Americans to spend 4% more this shopping season
KEY POINTS
- Shoppers in the age group of 35-44 will be spending the most $1,158.63
- Consumers are in good financial shape and willing to spend a little more on gift
- NRF's annual holiday spending forecast had estimated that holiday retail sales in November and December will be up
A new survey has found that consumers are planning to spend an average of $1,047.83 this holiday season, a 4 percent increase from last year.
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Topics: AMERICANS SHOPPING SEASON
Consumers will spend mainly in three categories during the holidays, the survey says: gifts for family, friends and co-workers; non-gift holiday items; and other non-gift purchases
Consumers are in good financial shape and willing to spend a little more on gifts for the special people in their lives this holiday season, NRF President and CEO Matthew Shay said.
He noted that retailers are expected to import record volumes of consumer goods from China before new tariffs that the US Government imposed on that country come into force on December 15.
NRF's annual holiday spending forecast had estimated that holiday retail sales in November and December will be up between 3.8 percent and 4.2 percent over 2018, amounting to around $730 billion.
Consumers will spend mainly in three categories during the holidays, the survey says: gifts for family, friends and co-workers, at an average of $658.55; non-gift holiday items such as candy and food, decorations, greeting cards and flowers at $227.26; and other non-gift purchases that take advantage of the deals and promotions throughout the season at $162.02.
More than half of shoppers between the ages of 25 and 34 (52 percent) plan to purchase gifts for co-workers, and 82 percent of those between 18 and 24 plan to buy gifts for their friends. ■