Retailers rejoice as shoppers plan to spend $800 each on holidays
17 Oct '06
3 min read
With the average shopper expected to spend nearly $800 this year on holiday merchandise, retailers may be jingling all the way to the bank.
The National Retail Federation's 2006 Holiday Consumer Intentions and Actions Survey, conducted by BIGresearch, found that the average consumer plans to spend $791.10 this holiday season, up from $738.11 last year.
Furthermore, shoppers will take advantage of sales and discounts during the holiday season to spend an additional $99.22 on themselves.
Consumers this year will shop at a variety of destinations for holiday gifts. While discount stores (70.3 percent) continue to be the most popular holiday shopping location, many people will also be shopping at specialty stores (48.4 percent), grocery stores (49.3 percent), drug stores (21.0 percent), and crafts or fabrics stores (20.5 percent).
Additionally, nearly half (47.1 percent) of consumers said they plan to shop online this year, up from 36.0 percent three years ago.
This holiday season is likely to bring good news for department stores, as 61.6 percent of shoppers plan to shop there for holiday items, up from 53.1 percent in 2003.
Department stores are likely to see much of their traffic from young adults with a whopping 79.1 percent of 18-24 year-olds planning to shop at department stores for holiday merchandise, up from 72.9 percent last year and 65.9 percent in 2004.
As usual, most holiday budgets will be allocatedto gifts, with the average person spending $451.34 on family, $85.60 on friends, $22.40 on coworkers, and $44.52 on other people like clergy, teachers, and babysitters.
marketing@alchempro.com
