The holiday shopping season is looking up for retailers. GDP grew an estimated 2.5% in Q3 and even though consumer sentiment still drags, the National Retail Federation remains optimistic about the holiday retail season. They are forecasting overall holiday retail sales to grow 2.8 percent during the months of November and December to $465.6 billion.
So ready, set, shop.
According to the National Retail Federation’s 2011 Holiday Consumer Intentions and Actions Survey, conducted by BIGresearch, holiday shoppers plan to shell out an average of $704.18 on holiday gifts and seasonal merchandise, down slightly from last year’s $718.98.
And while most folks agree that the spirit of the season is in “giving”, the NRF is reporting that nearly three out of five holiday shoppers also will take advantage of sales and discounts to make purchases for themselves during the holiday season.
According to the research, “the average person will spend approximately $130.43 on apparel, electronics, home goods and other items for themselves or a family member, up from $112.20 last year.”
What this means to marketers: Just because it’s the giving season, don’t forget that consumers are always tuned in to smart deals in this economy. The largest portion of a consumer’s holiday budget will still go toward gifts for family members, but friends, co-workers and even family pets may be in for a surprise or two this year.