Consumers on average will spend 3.4 percent more on holiday shopping this year than last.
According to an annual holiday survey commissioned by the National Retail Federation (NRF), average spend this season will hit $967.13. The trade group is also projecting a total holiday haul of upwards of $682 billion for November and December, a 4 percent gain year over year.
“With employment and incomes increasing, consumers are more confident this year and that is reflected in their buying plans for the holidays,” said NRF president/CEO Matthew Shay. “Retailers have been stocking up in expectation of this, and all signs are that this will be a busy holiday season.”
Also of note: online shopping will for the first time surpass in-store visits in popularity, with 59 percent of respondents preferring to let their fingers do the walking.
Among those old-school shoppers who also plan to visit a physical store, 54 percent will visit a discount chain, 27 percent will shop a CE showroom, and 25 percent will buy their gifts from a small or local business.
Speaking of CE, tech was the fourth most wished for gift this holiday season, the NRF survey showed, cited by 33 percent of shoppers. The category trailed gift cards (61 percent); clothing and accessories (55); and books, music or movies (39 percent).
However, a separate survey by market research firm Field Agent suggested that tech devices like TVs and smartphones will be the main Black Friday focus for shoppers next month.