Washington D.C. Shoppers may be on a budget, but they do plan to spend 1.9% more than last year, according to a study from the National Retail Federation (NRF). But retailers shouldn’t rejoice just yet: This is the lowest increase planned for consumer spending since the association began conducting the survey in 2002.
U.S. consumers plan to spend an average of $832.36 on holiday purchases, a slight increase from $816.69 last year, according to the NRF’s 2008 Holiday Consumer Intentions and Actions Study, conducted by BIGresearch.
Shoppers are being very open that they will be attracted to stores that offer the best prices. In fact, 40.0% of shoppers said sales or promotions will determine where they shop. An additional 12.6% said they will be influenced by stores that consistently feature everyday low prices.
“Retailers are going into this holiday season with their eyes wide open,” said NRF president and CEO Tracy Mullin. “No one is canceling Christmas because money is tight, but consumers will be sticking to their budgets and looking for good deals when deciding where to spend this holiday season.”
Some retailers have already launched holiday promotions, and it seems their efforts will not be in vain. According to the survey, 40.2% of consumers will start their holiday shopping before Halloween. This will help shoppers spread out spending, and search for the best deals over a period of time.