Consumers say they will spend more this holiday season.
According to the National Retail Federation and Prosper Insights & Analytics’ annual survey released today, consumers will spend an average of $1,047.83 this holiday season, up 4% from the $1,007.24 they said they would spend last year.
“Consumers are in good financial shape and willing to spend a little more on gifts for the special people in their lives this holiday season,” says NRF president and CEO Matthew Shay. “Retailers are fully prepared to meet the needs of holiday shoppers looking for that perfect mix of sales, quality, and selection.”
Retailers are expected to import near-record volumes of merchandise ahead of the tariffs that are scheduled to take effect on a wide range of consumer goods from China on Dec. 15.
The consumer survey comes on top of NRF’s annual holiday spending forecast, which takes into account a variety of economic factors to project overall spending rather than per-consumer spending. The forecast estimated that holiday retail sales in November and December will be up between 3.8% and 4.2% over last year, for a total of between $727.9 billion and $730.7 billion.