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This holiday, NRF expects a more giving consumer
Shoppers are projected to spend more on others, less on themselves and pay the economy little mind this holiday season, the latest National Retail Federation survey shows.
Washington--Shoppers are projected to spend more on others, less on themselves and pay the economy little mind this holiday season, the latest National Retail Federation survey shows.
Consumers polled said they plan to spend more on gifts for their family, friends and co-workers this year, with projected dollar spend on all three up 7 percent year-over-year, as well as 14 percent more on others, which includes people such as babysitters and even pets.
However, self-gifting, also known as self-purchasing, is expected to decline from an average of $134.77 last year to $126.68 this year, a 6 percent drop.
In addition to perhaps feeling a bit more benevolent this holiday season, consumers also are feeling better about the economy--or perhaps they just have decided to start ignoring the news.
When asked if the “state of the U.S. economy” would impact their holiday spending plans, 59 percent said no and 41 percent said yes, almost an exact flip from last year when about 60 percent of respondents said the economic news would impact their plans. The NRF notes that 41 percent is the lowest number to answer yes to that question since 2009.
Of those who answered yes, the majority, 76 percent, said the state of the economy would have them spending less while others said it would have them hunting for sales (49 percent) or using coupons more often (37 percent).
The NRF, the world’s largest retail trade association, publishes surveys throughout the holiday season. Prosper Insights and Analytics conducted this particular poll, questioning 7,547 consumers between Oct. 1 and 7.
Other findings include the following.
--Early birds avoid the crowds. A total of 40 percent of those polled said they begin their holiday shopping before Halloween, consistent with 10 years of survey findings. Those who get out early said their number one reason was to spread out their spending (62 percent) followed by a desire to avoid holiday crowds (52 percent) and avoid the stress of last-minute shopping (51 percent).
--The online numbers keep climbing. The average person plans to do 44 percent of their holiday shopping online and 19 percent said they will purchase items from their smartphones this year. Both are all-time survey highs.
--A good mobile website is important. One-quarter of shoppers polled said a good mobile website is an important factor in their decision to shop with a particular retailer, as is
free shipping/shipping promotions (42 percent); knowledgeable customer service (30 percent); convenient locations (48 percent); and low prices and sales or price discounts (75 percent).
--Quality is important, too. A total of 61 percent of respondents also listed the quality of the merchandise as a key factor in deciding where to shop while 59 percent cited selection.
--About one-quarter of consumers want to get jewelry for Christmas. A total of 25 percent of survey-takers said they’d like to receive jewelry as a gift this holiday season, up slightly from 23 percent last year.
Prior to this poll, the Washington, D.C.-based organization released its 2014 holiday forecast, which predicts a 4 percent increase in sales this November and December as compared with last year.
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