Holiday shoppers are expected to spend an average of $704.18 on holiday gifts and seasonal merchandise, according to the National Retail Federation’s 2011 Holiday Consumer Intentions and Actions Survey, conducted by BIGresearch. That total is down slightly from last year’s $718.98. NRF forecasts overall holiday retail sales will grow 2.8 percent during the months of November and December to $465.6 billion.
“When it comes to retail growth this holiday season, slow and steady wins the race – and the same is true for shoppers, who are meticulously calculating the best ways to stretch their dollar,” says NRF president and ceo Matthew Shay. “Knowing their customers are more focused than ever on value, retailers will entice shoppers with promotions that go beyond discounts, whether they’re promoting free gifts with purchase, an extended warranty, or stellar customer service.”
Shoppers are expected to hit a variety of stores for their gift purchases with department stores seeing an increase in traffic over last year (56.9 percent vs. 54.5 percent last year). Discount stores are expected to be most popular, with 66 percent of those surveyed picking out those stores. “In 2009 it was all about personal and practical and last year consumers wanted to treat their loved ones to something special – this year, it’s a little bit of both,” says Pam Goodfellow, Consumer Insights Director, BIGresearch. “Limited budgets and a desire to make the most out of gift-giving will drive consumers to shop at a variety of retailers while also thinking outside the box for great gift ideas.”
When asked what factors will be most important when shopping this holiday season, sales or price discounts largely win out (41.6 percent), while customer service and quality of merchandise also rank as vital components in consumers’ decision making processes.
The NRF 2011 Holiday Consumer Intentions and Actions Survey polled 8585 consumers and was conducted for NRF by BIGresearch October 4 to 11, 2011.