News

Healthy holiday retail sales on horizon

October 29, 2018

Holiday season consumers are expected to spend 4.1 percent more this year compared to last year, according to a National Retail Federation survey conducted with Prosper Insights & Analytics.

The average spend will be $1,007.24, compared to $947.13 in 2017, according to a press release.

"The holidays are just around the corner and consumers are ready to shop," NRF President and CEO Matthew Shay said in the relese. "Confidence is near an all-time high, unemployment is the lowest we’ve seen in decades and take-home wages are up. All of that is reflected in consumers’ buying plans. Retailers expect strong demand this year, and are prepared with a wide array of merchandise while offering strong deals and promotions during the busiest and most competitive shopping season of the year."

Consumers will spend in three main categories during the holidays — gifts, at $637.67; non-gift holiday items such as food, decorations, flowers and greeting cards, at $215.04; and other non-gift purchases that take advantage of the deals and promotions throughout the season, at $154.53.

The survey also revealed 55 percent of consumers plan to shop online and in department stores and 51 percent will hit discount stores.

"Consumers will be scouring through retailers' ads to make sure they are getting the best deal possible," Prosper Insights Executive Vice President of Strategy Phil Rist said in the release. "Although sales will remain an important factor, shoppers want good quality and want to be able to find what they’re looking for."