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Holiday shopping will pick up after election

Published: October 28, 2016

Consumers plan to spend an average of $935.58 during the holiday shopping season, according to the National Retail Federation’s annual consumer spending survey conducted by Prosper Insights & Analytics.

 

This amount falls just slightly short of the record total spending in 2015, at $952.58.

 

NRF President and CEO Matthew Shay says that because the U.S. election falls in the middle of holiday shopping, many U.S. consumers will have a more conservative spending budget before the results are announced, but that it will not last. “Once the election has passed, we anticipate consumers will pull themselves out of the election doldrums and into the holiday spirit,” he says.

 

According to the NFR, shoppers will be purchasing more goods for themselves than in previous years. “Many shoppers are taking the approach of ‘one for you, two for me’ this holiday season,” Shay said. “Retailers are preparing by offering a wide array of merchandise and promotions—items shoppers want to give as great gifts at prices so good they want to buy for themselves, too.”

 

Consumers will be splitting their time between department stores, online and discount stores and 41 percent say they will start their shopping in November.