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Consumers plan to spend $890.49 per person on average this year on holiday gifts, food, decorations and other seasonal items, according to the National Retail Federation’s (NRF) annual consumer survey conducted by Prosper Insights & Analytics.
“Time and again, Americans prioritize spending on loved ones for holidays despite economic uncertainty,” says Katherine Cullen, NRF vice president of industry and consumer insights. “With more consumers planning to seek out sale events this year, retailers are prepared to deliver on deals and value to ensure consumers have everything they need to make the holiday special.”
The predicted amount of spending is the second highest in the survey’s 23-year history and only 1.3% lower than last year’s record of $901.99. Nearly all U.S. adults (91%) plan to celebrate winter holidays this year.
Early shopping is a popular choice, with 42% of shoppers beginning holiday shopping before November. Out of the total, $627.93 will go to gifts for family and friends and the remaining amount will be spent on seasonal items like food, candy, decorations and greeting cards.
Online shopping continues to be the top destination for holiday shopping, with 55% of consumers planning to shop online, followed by grocery stores (46%), department stores (44%) and discount stores (42%).
“Despite consumers’ economic concerns, the winter holidays remain an important occasion to celebrate with loved ones,” says Prosper executive vice president of strategy Phil Rist. “This is particularly true for those families with children who are expected to increase their gift budgets by more than $30 on average.”
Top gifts consumers would like to receive, according to the survey, are gift cards (50%), clothing or accessories (46%), books and other media (27%), personal care or beauty items (23%) and electronics (22%).
