The U.S. spent a record amount of money per capita this holiday season, and gift cards were the most popular item! Fer House
Nearly all U.S. adults (92 percent) plan to celebrate a winter holiday, such as Christmas, Hanukkah or Kwanzaa, this year, in line with 2023, according to a new consumer survey conducted by the National Retail Federation (NRF) in conjunction with Prosper Insights & Analytics.
U. S. consumers are expected to spend a record average of $902 per person this winter holiday season. That amount is about $25 per person higher than last year and $16 higher than the record high set in 2019.
Of the $902 shoppers plan to spend, about $641 will go toward gifts for family, friends, co-workers and others, up from $620 last year. The remaining $261 will be spent on other seasonal items such as food or candy, decorations, greeting cards and other holiday items.
Gift cards continue to be the most popular item on consumers' wish lists, with 53 percent of shoppers wanting them this year. This is followed by apparel and accessories (49 percent), books and other media (28 percent) and personal care or beauty products (25 percent).
Online shopping remains the preferred shopping channel this year, with about 57 percent of consumers planning to do their holiday shopping online. This is followed by department stores (46%), grocery stores and supermarkets (46%) and discount stores (45%).
“While most consumers will choose to shop at traditional retailers this holiday season, many younger consumers between the ages of 18 and 24 will also be heading to thrift and second-hand stores,” said Phil Rist, executive vice president of strategy at Prosper. “Used and refurbished gifts appeal to this age group, who are looking to save more money.”
Nearly half (45%) of holiday shoppers plan to browse and purchase items before November, which is consistent with recent years and up from 40% 10 years ago. Top reasons for shopping early include spreading out the budget (59%), avoiding the stress of last-minute shopping (45%), avoiding the crowds (42%) and pursuing can't-miss prices or sales (42%).
Despite the early start, the majority of consumers (62%) expect to end their shopping in December. Additionally, Matthew Shay, president and CEO of the National Retail Federation, said at Friday's media briefing that retailers are expected to reach the inventory levels needed for holiday shopping in the near future in anticipation of the upcoming holiday shopping rush.
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