On average, shoppers plan to spend $1,048, buying gifts for family, friends and co-workers; purchasing food, decor and greeting cards; and shelling out additional money on products selling at promotional prices, NRF reports.
“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,” says Matthew Shay, NRF president and CEO. “Retailers are fully prepared to meet the needs of holiday shoppers looking for that perfect mix of sales, quality and selection.”
NRF projects that holiday retail sales will be between $727.9 billion and $730.7 billion in November and December.
Products that can be purchased at many home improvement stores rank among the top 10 most-requested gift items for the holidays, the data shows. For example, 24 percent of respondents to the NRF survey say they want home decor items and 18 percent are asking for sporting goods. NRF reports that 17 percent of shoppers are specifically asking for home improvement products.
The National Retail Federation is a retail trade association headquartered in Washington, D.C.