The holiday season is upon us yet again, and consumers are ready to shop till they drop, even more so than last year.
On average, consumers celebrating Christmas, Hanukkah or Kwanzaa will spend more than $800 on food, gifts, decorations and other seasonal items. That’s an increase from last year’s spending, according to the 2015 Holiday Consumer Spending Survey conducted for the National Retail Federation (NRF) by Prosper Insights & Analytics. That spending is the highest in the survey’s 14-year history.
“We expect consumers will tackle their holiday shopping lists with a healthy dose of optimism, tempered by a hint of caution as they look for ways to find the perfect, practical gift,” says Matthew Shay, president and CEO of NRF.
Below is additional data from the survey that shows how consumers’ holiday spending will be divided. Most consumers will spend a substantial amount of money on food, family and friends, but they will also purchase presents for others, such as babysitters and pets.
Applied to Retail:
This data outlines opportunities for all home improvement retailers. Your store is a great place for customers to buy new tool sets for dads, but it is also a great place to purchase other gifts and decorations.
Ask your sales associates to remind customers about their furry friends when shopping at your store. The data shows consumers will spend more than $28 on holiday gifts for their pets.
Capitalize on consumers’ high spending on food by stocking decorative tins for cookies
or other seasonal housewares items.