NPD Projects Consumer Holiday Spend to Be ‘On Par’ With 2021
Roughly three in 10 U.S. consumers cite their own personal finances and “increased negativity” about the economy as reasons they plan to spend less this holiday season, reported NPD Thursday. Though the majority of shoppers plan to spend the same…
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or more than last year, “the share of consumers who plan to spend less this year increased over last year,” said NPD. Spending “on par” with 2021 levels is expected during the traditional November and December holiday shopping season, with the potential of 0.5% to 2.5% growth when the season is expanded to include October and January. “Consumers are ready to get out and celebrate over the 2022 holiday season, but last year’s optimism has taken a beating as financial concerns have them feeling a bit more grinchy this year,” said Marshal Cohen, NPD chief retail industry adviser. “Despite economic challenges, consumers still have just as many friends and family members to shop for during the holidays, they will just be spending differently.”