12.01.16
Will US consumers have a more conservative holiday spending budget this year? According to the National Retail Federation’s annual consumer spending survey, consumers plan to spend an average of approximately $935 during the holiday shopping season. Total spending includes gifts, self-spending, food, flowers, decorations and greeting cards for Christmas, Hanukkah and Kwanzaa.
The numbers were more conservative, according to NRF, and at the time they were released, experts were pointing the finger at the media frenzy about the US Presidential Election.
“Everywhere you turn, whether you’re picking up a newspaper or watching television, political advertisements are taking up ad space that retailers typically use to get holiday shopping on the minds of consumers across the country. Once the election has passed, we anticipate consumers will pull themselves out of the election doldrums and into the holiday spirit,” said NRF president and CEO Matthew Shay ahead of the election—which would later give Donald J. Trump a ticket to the White House.
According to an NRF flash poll taken before the election, more than a quarter of consumers said the election would impact their spending plans for the holidays. In addition, 43% said they planned to be more cautious with their spending.
According to NRF, consumers will shop around, splitting their time almost evenly between three top destinations: department stores (57%), online (also 57%) and discount stores (56%).
Gift cards will remain among the most popular gifts, sought by 61% of those surveyed, followed by clothing and accessories (54%), books, CDs, DVDs or videos (40%), consumer electronics (32%), jewelry and home décor (both at 23%), and then, personal care or beauty items (21%).
The numbers were more conservative, according to NRF, and at the time they were released, experts were pointing the finger at the media frenzy about the US Presidential Election.
“Everywhere you turn, whether you’re picking up a newspaper or watching television, political advertisements are taking up ad space that retailers typically use to get holiday shopping on the minds of consumers across the country. Once the election has passed, we anticipate consumers will pull themselves out of the election doldrums and into the holiday spirit,” said NRF president and CEO Matthew Shay ahead of the election—which would later give Donald J. Trump a ticket to the White House.
According to an NRF flash poll taken before the election, more than a quarter of consumers said the election would impact their spending plans for the holidays. In addition, 43% said they planned to be more cautious with their spending.
According to NRF, consumers will shop around, splitting their time almost evenly between three top destinations: department stores (57%), online (also 57%) and discount stores (56%).
Gift cards will remain among the most popular gifts, sought by 61% of those surveyed, followed by clothing and accessories (54%), books, CDs, DVDs or videos (40%), consumer electronics (32%), jewelry and home décor (both at 23%), and then, personal care or beauty items (21%).