Despite ongoing issues with inflation and gas prices, economists are expecting consumers to set new spending records this holiday shopping season. Retailers seem to agree, hiring 15% more seasonal employees than in 2022.
Holiday Retail Sales
The National Retail Federation expects holiday sales this year to increase between 3% and 4% over last year. The NRF defines holiday spending as spending in November and December, with the exception of auto dealers, gas stations and restaurants.
Holiday Spending Plans
Consumers expect to spend a bit more this holiday season, but still not as much as in peak years between 2019 and 2021.
What They Plan To Buy This Year:
Consumers expect to spend a bit more this holiday season, but still not as much as in peak years between 2019 and 2021.
Getting An Early Start.
Percentage of consumers who say they began browsing or buying for the holidays before November:
Shopping Priorities For 2023
According to retailmenot.com, shoppers plan to buy gifts in this order of priority:
Some Are Buying Locally
What customer service offerings motivate customers to buy from small businesses with physical stores:
What Kids Are Wishing For This Year
Boys
Girls
Legos
1
Barbie
Hot Wheels
2
Doll
Cars
3
Legos
Playstation
4
Makeup
Video Games
5
Clothes
Trucks
6
L.O.L. Dolls
Nerf
7
Baby Doll
Spider-Man/R.C. Car
8
Squish-mallows
Pokemon
9
Arts And Crafts/Barbie Dream House
Nintendo Console/Switch
10
Electronics
..And Gift Cards
$29.3B
3.4
$49.43
Total expected spending on gift cards this holiday season.
Average numbers of gift cards consumers say they'll purchase.
Average value consumers will put on each gift card.
Sources:
National Retail Federation, Quickbooks.Intuit.com, FinancesOnline.com, RetailMeNot.com, Accenture, the Washington Post, U.S. Census Bureau
This edition of Further Review was adapted for the web by Zak Curley.