Consumers say they will spend an average of $967.13 this year, according to the the Prosper Insights & Analytics survey on behalf of the National Retail Federation, up 3.4 percent from the $935.58 consumers said they would spend when surveyed this time last year.
The consumer survey comes on the heels of NRF’s annual holiday spending forecast, which stated that holiday retail sales in November and December will go up between 3.6 percent and 4 percent.Â
In addition, imports set an all-time record high late this summer as retailers brought in an unprecedented amount of merchandise in anticipation of a strong holiday season, and are continuing at unusually high numbers this fall, according to NRF’s monthly Global Port Tracker report.
The survey found that only 27 percent of consumers say their spending will be impacted by concerns about the nation’s economy, down from 32 percent during 2016’s election-year jitters and the lowest level since NRF began asking the question during the Great Recession in 2009.
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. The survey also found that 57 percent will shop at a department store, 54 percent at a discount store, 46 percent at a grocery store/supermarket, and 35 percent at clothing or accessories store. The survey found 27 percent plan to visit an electronics store, 25 percent a small or local business, and 18 percent will go to a crafts or fabrics store.
Most online shoppers will take advantage of free shipping (94 percent) and conveniences like buy online, pick up in store (49 percent). In addition, 19 percent will take advantage of expedited shipping and 12 percent will use same-day delivery.
Most consumers (59 percent) are waiting until at least November to begin holiday shopping. However, 22 percent started or were planning to start in October, and 19 percent in September or earlier. Of the early shoppers, 65 percent say they are trying to spread out their budgets while 49 percent do not want the stress of last-minute shopping, and 48 percent want to avoid the crowds.
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 survey of 7,349 consumers was conducted October 3-10 and has a margin of error of plus or minus 1.2 percentage points.
