Holiday Spending on the Rise
October 25, 2010
The National Retail Federation (NRF) released its annual holiday survey last week. According to NRF, consumers plan to spend an average of $688.87 on holiday shopping, a slight increase from last year’s $681.83. Almost 44% of Americans plan to make their purchases online this holiday season. Consumers are also changing the way they shop, and mobile has become an important channel for retailers to help drive sales. According to the survey, 26.8% of adults will use mobile to research or make holiday purchases this year.
The survey also indicates that price is one of the biggest factors that consumers are considering in their purchase decisions this year. Retailers must stay competitive in their pricing by offering sales and discounts.
With the American economy still in a recession, consumers are taking small steps and beginning to spend more money, according to NRF President and CEO Matthew Shay. Holiday sales are expected to rise to $447.1 billion, a 2.3% increase compared to 2009.
Are you ready for the holiday season?
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