ICSC expects 1.9 percent spending increase, bolstered by an earlier start to holiday shopping
Consumers are expected to provide a boost for retailers this holiday season, according to ICSC’s Annual Holiday Shopping Intentions Survey. ICSC forecasts a 1.9 percent year-over-year spending increase this holiday season with total spending to be $862.2B. The annual Holiday Shopping Intentions Survey found that the average adult is planning to spend $655 on holiday-related items – surpassing 2019’s actual expenditure.
The study found 94 percent of adults plan to make holiday-related purchases this year, and 73 percent anticipate spending the same or more this holiday season. Due in part to the COVID-19 pandemic, consumers have come to expect click-and-collect and curbside pickup at their local retailer. In fact, 53 percent will leverage these alternatives throughout November and December.
“Despite the difficulties the economy has faced, consumers are looking forward to the holidays and plan to