Holiday season brings out younger shoppers.

The holiday season is upon is, and with that comes a busy shopping season. The National Retail Federation expects retail sales through the end of the year excluding automobiles, gasoline and restaurants to increase between 4.3% and 4.8% over 2017 for a total of $717.45 billion to $720.89 billion. The forecast compares with an average annual increase of 3.9% over the past five years.

Holiday sales in 2017 totaled $687.87 billion, a 5.3% increase over the year before and the largest increase since the 5.2% year-over-year gain seen in 2010 after the end of the Great Recession, according to the National Retail Federation.

Rebecca Leach, executive director of the South Carolina Retail Association, said the increase is "thanks to a healthy economy." She told GSA Business Report in an email that the season kicked off on Thanksgiving weekend with a strong start, with 165 million Americans shopping between Thanksgiving and Cyber Monday.

The average shopper spent $313.29 on gifts and other holiday items over the five-day period, down from $335.47 during the same period last year, according to the National Retail Federation. Of the total, $217.37, or 69%, was specifically spent on gifts. The biggest spenders were older millennials and Generation X (35-44 years old) at $413.05.

A survey by the National Retail Federation and Prosper Insights & Analytics shows that while 77% of all consumers surveyed said they would spend the same or more this year, 43% of young adults ages 18-24 and 38% of those 25-34 said they would spend more. Only 9% of those 65 and older are planning to spend more. The survey also found that 50% of consumers who own smartphones or tablets said they would use them to research their holiday purchases.


To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT