Consumer Tech to Get Biggest Holiday Spend Rise: NPD
Nearly three in 10 U.S. consumers plan to spend more on holiday shopping than they did last year, despite unchanged feelings about their own personal financial situations and the state of the economy, reported NPD Thursday. NPD estimates holiday spending…
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will rise 3% during the traditional November and December holiday shopping season and 5% when the season is expanded to include October and early January. Alongside the accelerated growth in online shopping, and other enduring COVID-19 pandemic-based lifestyle and shopping shifts, NPD surveys found a rise in consumer optimism about the holidays this year. “It’s going to be a hybrid holiday this year, blending the return of a celebratory feeling with the now normalized pandemic lifestyle,” said Marshal Cohen, NPD chief retail industry adviser. And 51% of consumers plan to start their holiday shopping before Thanksgiving, compared with 49% last year, said NPD: “The biggest increase in anticipated holiday spending is expected in consumer technology and home products, which have also been among the most popular retail sales categories throughout the pandemic.”