Consumers are in a spending mood for holiday gifts this year and gift cards, clothing, accessories and books will be at the top of their shopping lists.
That’s according to a just-released consumer survey by the National Retail Federation and Prosper Insights & Analytics, which found that consumers will spend an average of $1,047.83 this holiday season, up 4 percent from the $1,007.24 last year.
“Consumers are in good financial shape and willing to spend a little more on gifts for the special people in their lives this holiday season,” Matthew Shay, president and chief executive officer of the National Retail Federation, said on Friday.
“Younger consumers are helping drive the spending increase this year,” said Phil Rist, Prosper Insights executive vice president of strategy. “They’re not just spending on their immediate family members, they’re also treating their larger circle of co-workers and friends to gifts.”
More than half — 52 percent — of shoppers between the ages of 25 and 34 plan to purchase gifts for coworkers, and 82 percent of those between 18 and 24 plan to purchase gifts for their friends.
Among the other findings:
That’s according to a just-released consumer survey by the National Retail Federation and Prosper Insights & Analytics, which found that consumers will spend an average of $1,047.83 this holiday season, up 4 percent from the $1,007.24 last year.
“Consumers are in good financial shape and willing to spend a little more on gifts for the special people in their lives this holiday season,” Matthew Shay, president and chief executive officer of the National Retail Federation, said on Friday.
“Younger consumers are helping drive the spending increase this year,” said Phil Rist, Prosper Insights executive vice president of strategy. “They’re not just spending on their immediate family members, they’re also treating their larger circle of co-workers and friends to gifts.”
More than half — 52 percent — of shoppers between the ages of 25 and 34 plan to purchase gifts for coworkers, and 82 percent of those between 18 and 24 plan to purchase gifts for their friends.
Among the other findings:
Shoppers between the ages of 35 and 44 plan to spend the most at $1,158.63, on average.
Consumers will