The National Retail Federation says the average holiday shopper is expected to keep it modest this year. According the NRF’s holiday consumer spending survey, the average shopper will spend around $700 on gifts, decor, greeting cards and more. That’s a 2% drop from last year.
Despite that, the NRF is forecasting holiday sales will increase 3.9% to over $600 billion.
According to the survey, the biggest portion of shoppers’ budget will go towards gifts for family members, with the average person planning to spend $415.50 on mom, dad, and other loved ones, down slightly from the actual $423.36 they spent last year.
With plenty of options to shop around for the best value, consumers will look to discounters (64.7%), department stores (56.3%), and grocery stores (51.1%) for their gifts and goods this holiday season.
More than half (51.5%) will shop online and 35.1 percent will shop at clothing or accessories stores. Additionally, 29.5 percent will shop at electronics stores and 20.9 percent will shop at drug stores.