It is projected that consumers will spend on average nearly $900 on gifts, decorations, food, and other main seasonal items this holiday season.
In this blog we will discuss the post-Thanksgiving holiday week and what consumers plan to spend on the rest of this holiday season.
Post-Thanksgiving Holiday Weekend
During Thanksgiving weekend, a record 200.4 million consumers went shopping – surpassing last year’s record of 196.7 million, the National Retail Federation details in its annual survey.
“Shoppers exceeded our expectations with a robust turnout. Retailers large and small were prepared to deliver safe, convenient and affordable shopping experiences with the products and services consumers, and at great prices,” NRF President and CEO Matthew Shay said in a press release.
Black Friday was the highest day for both in-store and online shopping.
Consumer Spending on the Remaining Winter Holidays
December marks another very busy month for consumers and retailers for the holidays.
Through the remainder of the winter holiday season this year, businesses that rely on big discounts just to get people in the door, could be an issue. And, as Matthew Shay says, could “determine the winners and losers.”
But, what are consumers planning to spend on for gifts?
The top five gift categories that consumers plan to give are clothes (56 percent), gift cards (44 percent) toys (37 percent), books, video games and over media (31 percent), and food/candy (29 percent).
Social media continues to be a popular area for consumers to find holiday gift ideas. “Especially among younger consumers, who are turning to TikTok and Instagram for inspiration,” Phil Rist, Prosper Insights & Analytics Executive Vice President of Strategy said.
Nearly 50 percent of holiday shoppers say they use debit cards most often to pay for holiday items, while 35 percent say they use credit cards. A majority of holiday shoppers (59 percent) are using PayPal, Apple Pay, Venmo and other alternative payment methods – which is up 54 percent from last year.
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