According to a recent study conducted by the National Retail Federation (NRF), US shoppers are gearing up to spend more during the 2019 holiday season. The average planned spending per consumer is $1,047.83, a 4% increase from last year’s figures.
This rise in holiday spending is expected to be seen across various retail channels and store types, as consumers are looking to diversify their shopping experiences. The survey, conducted in partnership with Prosper Insights & Analytics, found that 56% of shoppers are planning to make purchases online, while 53% will visit department stores, 51% grocery stores, and 34% clothing and accessory stores.
When it comes to factors influencing where consumers choose to shop, sales and discounts remain at the top of the list with 70% ranking it as the most crucial factor. Other significant factors include quality merchandise, merchandise selection, free shipping, and convenient location.
For online shoppers, free shipping is a key deciding factor, with a whopping 92% stating they prefer this option. Additionally, 42% of online shoppers are considering utilizing buy online pick up in-store services, while 16% are looking into same-day delivery. Younger consumers aged 18 to 24 appear to be particularly interested in these services.
The study also highlights that the age group expected to spend the most this holiday season is consumers between 35 and 44, with an average planned spending of $1,158.63. Gifts are expected to be the category with the highest spending, followed by non-gift holiday purchases and other seasonal promotions.
In terms of holiday shopping timelines, 39% of consumers plan to start before November, 43% in November, and 18% in December. NRF President and CEO, Matthew Shay, expressed confidence in both consumers’ willingness to spend and retailers’ ability to meet their demands with the right mix of sales, quality, and selection.
With a significant amount of merchandise expected to be imported before December 15th to avoid new tariffs on Chinese goods, retailers are expected to be well-prepared to meet the increased holiday demand. The survey, which included 7,782 U.S. adults, was conducted from October 1st to 10th with a margin of error of plus or minus 1.2 percentage points.
For more information on NRF and their holiday spending report, visit their official website here. Additionally, for tips on budgeting and managing your holiday spending, check out this helpful guide here.
