The National Retail Federation announced Tuesday that consumer spending on the winter holidays is expected to reach a record $902 per person on average across gifts, food, decorations and other seasonal items, according to NRF’s latest consumer survey conducted by Prosper Insights & Analytics.
NRF Vice President of Industry and Consumer Insights Katherine Cullen analyzes the key findings in a Q&A video here.
A few highlights:
2024 Holiday Spending Expected to Reach New Record
“Despite the shorter window of time between Thanksgiving and Christmas, retailers are prepared to meet the needs of consumers by providing holiday shoppers with earlier deals and sales and by ensuring inventory is available for the most in-demand items this year.”
NRF Vice President of Industry and Consumer Insights Katherine Cullen
Consumer spending on the winter holidays is expected to reach a record $902 per person on average across gifts, food, decorations and other seasonal items, according to the National Retail Federation’s latest consumer survey conducted by Prosper Insights & Analytics. The amount is about $25 per person more than last year’s figure and $16 higher than the previous record set in 2019.
The increase in holiday spending is largely attributed to gifts for family members. Of the $902 shoppers plan to spend, approximately $641 is on gifts for family, friends, co-workers and more, which is an increase from $620 last year. The remaining $261 will be spent on other seasonal items such as food or candy, decorations, greeting cards and other holiday items.
Steady Sales Growth Expected for 2024 Holiday Season, According to NRF
The National Retail Federation today forecast that winter holiday spending is expected to grow between 2.5% and 3.5% over 2023. That equates to between $979.5 billion and $989 billion in total holiday spending in November and December, compared with $955.6 billion during the same timeframe last year.
“The economy remains fundamentally healthy and continues to maintain its momentum heading into the final months of the year,” NRF President and CEO Matthew Shay said. “The winter holidays are an important tradition to American families, and their capacity to spend will continue to be supported by a strong job market and wage growth.”
The holiday forecast is consistent with NRF’s forecast that annual sales for 2024 will be between 2.5% and 3.5% over 2023.
