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The holiday shopping season is already in high gear, and it looks like consumer confidence will translate to higher holiday sales this year, according to a study by Synchrony Financial.
The study found that of the consumers surveyed, 47 percent are more confident in their financial situation than they were in the prior year. Synchrony, which is a provider of private-label credit cards, projected a nearly 4 percent increase in holiday retail sales.
Improved finances and larger gift lists are included as reasons for why 32 percent of shoppers surveyed plan to spend more money during this year’s holiday season than last year. Of those shoppers, more than half set a holiday budget and 76 percent report they always comparison shop.
Special deals on products were important to the survey respondents, with 90 percent of them planning to spend more on special sale days.
“In our survey, shoppers indicate they have more to spend and more to buy this season, influenced by their underlying confidence about their personal finances,” says Sanjay Sidhwani, senior vice president of marketing analytics for Synchrony Financial. “This is similar to other insights we’ve gathered, showing shopper optimism is balanced with a spending plan and sales research to stretch dollars further and maximize discounts and rewards. We are forecasting a 3.6 percent rise in holiday retail sales based on analyzing multiple factors that influence holiday buying across segments.”
For a more detailed look at the study and helpful infographics, click here.
