Good news: Consumers indicated that they intend to spend more money this year than they did last year on holiday shopping, according to the latest Customer Loyalty Index from Brand Keys, a New York City-based brand and customer loyalty research consultancy. On average, customers are expected to spend around $760—7% more than last year. Consumers indicated they plan to use a full range of retail channels, including discount and traditional department stores, the internet, catalogs and specialty stores. The only category reflecting a substantial gain over last year is the internet, which is expected to increase 30% to approximately $26.5 billion.
When asked which gifts they planned on purchasing, 51% of consumers said clothing and accessories, 48% said electronics/computers/phone, 45% plan on purchasing gift cards, 33% will give CDs/DVDs/video games, 30% said books, 21% plan on giving home décor gifts and 10% will give the gift of travel.
When it comes to where consumers will do their holiday shopping, discount store shoppers will most likely be visiting Wal-Mart, Sears, Target, Kmart and JC Penney. The top five clothing catalogs include L.L. Bean, Sears, J.Crew/Macys, Lands’ End and Nordstrom. Online retailers that consumers plan to visit include Amazon.com, BN.com, CDNow.com and Buynow.com.