The most wonderful time of year is around the corner—and this year, Americans celebrating Christmas, Hanukkah and Kwanzaa will spend more than ever on holiday decorations, food, gifts and more, according to a recent National Retail Federation (NRF) survey. The magic number this holiday season? $805.65, on average.
“Despite the challenges that still exist in our economy, it looks as if consumers are eager to celebrate the holidays with friends and family this year,” says NRF President and CEO Matthew Shay. “We expect consumers to 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.”
Family members top the “nice” list this year, according to the survey, with holiday shoppers planning to spend an average of $462.95 on gifts for members of their families. Shoppers will also spend an average of $77.85 on gifts for friends, an average of $28.05 on gifts for babysitters, pets and others, and an average of $25.95 on gifts for co-workers.
The majority of holiday shoppers will space out their spending to accommodate their budgets, the survey finds, with many opting to shop before Halloween.
And if you’re struggling to find the perfect present, look no further than gift cards—again the most popular item on holiday wish lists, the survey reports.
Published with permission from RISMedia.