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“They’re not just spending on their immediate family members, they’re also treating their larger circle of co-workers and friends to gifts.” More than half of shoppers between the ages of 25 and 34 (52 percent) plan to purchase gifts for co-workers, and 82 percent of those between 18 and 24 plan to purchase gifts for their friends. “Younger consumers are helping drive the spending increase this year,” Prosper Insights Executive Vice President of Strategy Phil Rist said. The forecast estimated that holiday retail sales in November and December will be up between 3.8 percent and 4.2 percent over 2018 for a total of between $727.9 billion and $730.7 billion.Ĭonsumers will spend in three main categories during the holidays – gifts for family, friends and co-workers, at an average $658.55 non-gift holiday items such as candy and food, decorations, greeting cards and flowers at $227.26 and other non-gift purchases that take advantage of the deals and promotions throughout the season at $162.02. The consumer survey comes on top of NRF’s annual holiday spending forecast, which takes into account a variety of economic factors to project overall spending rather than per-consumer spending. Shay noted that retailers are expected to import near-record volumes of merchandise ahead of the tariffs that are scheduled to take effect on a wide range of consumer goods from China on December 15.
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“Retailers are fully prepared to meet the needs of holiday shoppers looking for that perfect mix of sales, quality and selection.” “Consumers are in good financial shape and willing to spend a little more on gifts for the special people in their lives this holiday season,” NRF President and CEO Matthew Shay said.