Holiday shopping is projected to reach $219 billion this year, up 4.5% from last year.
Consumers plan to spend an average $702.03 on gifts and holiday trimmings, according to the National Retail Federation’s 2004 Holiday Consumer Intentions and Actions Survey, conducted by BIGresearch.
Holiday sales generally account for 25% of retailers’ total sales for the year, and are a crucial part of overall annual performance.
Survey respondents plan to shop at discount stores (mentioned by 77% of respondents), department stores (53%), grocery stores (47%), specialty stores (39%) and online (38%).
On average, budgets earmark $406 for gifts for family ($71 for friends), $84 for candy and food, $36 for decorations, and $25 for cards and postage.
Fully 51% of respondents have budgeted an average $89 on purchases for themselves, NRF reports. Men plan to spend an average $117 on themselves; young adults are budgeting an average $115 for their own goodies.
“Consumers want to reward themselves … and the savviest shoppers know that this is the best time of year to find great deals,” said NRF President-CEO Tracy Mullin in a statement. “Retailers would be wise to acknowledge that some shoppers feel they deserve a little something for themselves.”
Most shoppers choose stores based on price discounts (cited by 42% of respondents) or everyday low prices (16%); other factors are selection of merchandise (20%), quality (9%) and location (8%). And 4.4% cited “knowledgeable customer service” as a key factor, up from 3% two years ago, reports Washington, DC-based NRF.
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