The official holiday shopping season is here and it sounds like people are spending a bundle this year, which is good news for retailers.
Deliotte’s 33rd annual “Holiday Survey” finds that folks plan to spend about $1,536 over the holidays this year, with shoppers expected to buy an average of 16 gifts, at a cost of $525, which is an increase of 20% from last year. What’s more, they also plan on spending 40% of their money, or $611, on holiday experiences like entertaining at home and socializing with others, with money also going to holiday décor, clothes and more.
When it comes to what folks will be buying, gift cards and certificates are the most popular item for shoppers (54%), followed clothing (53%), games and toys (46%), boos (43%) and liquor/food (43%). Folks also plan to buy for themselves, with 51% of people saying they’ll pick up something for themselves while shopping, an increase of 15%. Interestingly, food and liquor is the top item they’ll buy as a treat for themselves (42%), followed by clothing.
As for where everyone will be doing their shopping, 57% will buy their gifts online, while 36% will do their purchasing in stores, which is a 10% drop. Overall, online retailers are the biggest shopping destination for holiday shoppers this year (60%), followed by mass merchant stores (52%), department stores (32%) and off-price retailers (28%).