Rapaport, October 28, 2009: Consumer Spending Trends For Christmas
September 3rd, 2010 | 
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RAPAPORT… US retailers will have to adapt to the “serious bargain hunter” this Christmas sales season, according to the National Retail Federation (NRF) shopping trends report. According to NRFs 2009 Holiday Consumer Intentions and Actions Survey, conducted by BIGresearch, consumers plan to spend an average of 2.74 on all holiday-related shopping, which is a 3.2 percent drop from 2008. However the average spending on only gifts will fall 5 percent. To make matters worse, household incomes have fallen this year on top of a 3 percent decline in 2008 and consumer confidence has fallen this month making Christmas shopping season 2009 a real challenge to predict. NRF’s survey confirmed that two-thirds of consumers (65.3 percent) directly blamed the economy for scaled back holiday plans this year, with the majority of these consumers saying theyre adjusting by simply spending less. People will also be shopping for sales more often and making changes to the way they gift — with less. While last holiday season was filled with chaotic confusion, adjusting to uncertainty has now become routine for many Americans, said NRF president and CEO Tracy Mullin. This holiday season will be a bit of a dance between retailers and shoppers, with each group feeling the other out to understand how things have changed and how they must adapt. According to the survey, more than half of holiday shoppers say that sales and price discounts (43.3 percent) or everyday low prices (12.7 percent …
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