NRF: Consumers Will Spend Nearly $1,000 on Average this Holiday Season; Up 3.4 Percent Over 2016

The following article contains excerpts from a press release, “NRF Consumer Survey Points to Busy Holiday Season, Backs Up Economic Forecast and Import Numbers,” issued on October 27, 2017 by the National Retail Federation.

October 27, 2017 | With the holiday shopping season just around the corner, consumers say they will spend an average $967.13 this year, according to an annual survey conducted by Prosper Insights & Analytics for the National Retail Federation (NRF). That’s up 3.4 percent from the $935.58 consumers said they would spend when surveyed at the same time last year.

“With employment and incomes increasing, consumers are more confident this year and that is reflected in their buying plans for the holidays,” says Matthew Shay, NRF’s president and CEO in a press release. “Retailers have been stocking up in expectation of this, and all signs are that this will be a busy holiday season. Retailers are preparing for a rush of consumers leading into Thanksgiving and all through December, and are offering a wide array of merchandise and promotions so shoppers can find great gifts and great deals at the same time.”

The consumer survey follows NRF’s annual holiday spending forecast, which projects that holiday retail sales in November and December will be up between 3.6 percent and 4 percent, reaching $678.8 to $682 billion.

Holiday spending comes in three main categories – gifts, at $608.06; items such as food, decorations, flowers, and greeting cards, at $218.08; and other non-gift items consumers buy for themselves and their families, at $140.99.

For the first time in survey history, online is the most popular shopping destination this year, cited by 59 percent of consumers.

For the eleventh year in a row, gift cards remain the most popular items on wish lists, requested by 61 percent of those surveyed, followed by clothing and accessories at 55 percent, the highest level the category has seen in 12 years. Two in five (39 percent) would like books, music or movies, the lowest in survey history; others asked for consumer electronics (33 percent), home décor (24 percent), jewelry (23 percent), personal care or beauty items (21 percent), sporting goods (20 percent), and home improvement items (18 percent).

The retail trade association’s survey of 7,349 consumers was conducted from October 3 to 10, 2017.