American consumers prepared to spend more during holiday season
Shoppers are already gearing up for the holiday season this year, and one indicator of how strong the next few months will be for retailers is the fact that more consumers are prepared to spend more money on gifts and items.
According to a recent survey by PriceGrabber, more than half of customers stated they are planning on spending at least $500 on products and gifts for the holidays this year. When it comes to what they will purchase, the study found that clothing items and gift cards continue to be most popular for the season. Clothing garnered 65 percent of responses, while gift cards brought in 49 percent. Consumers are also looking to save money by taking advantage of discounts and deals between November and December, the report stated.
These numbers correlate with recent research by the National Retail Federation (NRF), which found that the average shopper will be spending $749.51, up from last year's average of $740.57. The NRF also stated estimates that this year's holiday spending totals will reach $586.1 billion, representing a 4.1 percent increase from 2011's amounts.
