NRF: Consumers 'Willing to Spend' as Retailers Gear Up to Import 'Near-Record' Volume
Retailers are expected to import “near-record volumes of merchandise” before List 4B Section 301 tariffs take effect Dec. 15 on a wide range of consumers goods from China, said the National Retail Federation Thursday. Shoppers appear ready to buy, with…
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an NRF-Prosper Insights survey saying consumers plan to spend an average $1,047.83 this holiday season, up 4 percent from what they said they would spend last year. The biggest spenders appear to be 35-44-year-olds at $1,158.63. “Consumers are in good financial shape” and are willing to spend more this season, said CEO Matthew Shay. NRF forecasts a 3.8-4.2 percent hike in holiday retail spending vs. 2018 to between $727.9 billion and $730.7 billion. More than half (56 percent) of consumers say they will shop online, with 92 percent planning to take advantage of free shipping; 48 percent will use buy online, pick up in store or ship to store services, and 16 percent plan to use same-day delivery, said NRF. Shoppers 18-24 are the most likely to say they plan to use same-day delivery at 32 percent; same-day delivery has doubled since 2015, said NRF. Department stores lead planned shopping venues at 53 percent, followed by discount stores (51 percent), grocery (44 percent), clothing and accessories (34 percent), and electronics stores and local businesses at 23 percent each, NRF said. Thirty-nine percent of holiday shoppers said they will start holiday shopping before November, 43 percent will wait until at least November and 18 percent until December, NRF said. Sales and discounts remain the biggest factor in choosing a retailer during the holidays for 70 percent of survey respondents. Other factors are quality merchandise (59 percent), merchandise selection (57 percent), free shipping and shipping promotions (46 percent) and convenient location (44 percent), said NRF. Electronics are the fourth-most popular items on wish lists (29 percent), behind gift cards (59 percent), clothing and accessories (52 percent), and books, movies, music and videogames (35 percent). The survey of 7,782 adult consumers was Oct. 1-10, with a margin of error of plus or minus 1.2 points.