Consumers projected to spend nearly $1K on holiday shopping
47% of shoppers are worried that they will have a hard time finding items
The nation’s largest retail trade group said Thursday that consumers are likely to spend nearly $1,000 on holiday-related merchandise and gifts this year.
According to the National Retail Federation and Prosper Insights & Analytics survey, 90% of adults said they plan to celebrate the holiday season, which includes Christmas, Hanukkah and Kwanzaa. It's a slight uptick from 87% in 2020.
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Even though this year's projected holiday spending – about $997.73 per shopper– is on par with consumer spending in 2020, it's still slightly below a pre-pandemic high of $1,047.83 in 2019, according to the retail trade group.
People carry shopping bags by holiday decorations outside of Macy's in Herald Square on December 02, 2020 in New York City. (Noam Galai/Getty Images / Getty Images)
This year, consumers are planning to dole out nearly $650 for gifts. Another $350 will be spent on non-gift items with $231 of that going toward food, candy, decorations and cards, according to the survey.
However, the dire supply chain issues remain are a major concern for shoppers.
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About 47% of shoppers are worried that they will have a hard time finding desired items this year, the data showed. Most consumers are particularly worried about finding electronics, clothes and toys.
However, NRF President and CEO Matthew Shay said the "industry is working diligently with ports, labor, shippers and transportation providers as well as government officials" to try and overcome supply chain challenges.
When trying to find items, though, most will head online instead of going to a store. More than half of the shoppers surveyed – about 57% – said they plan to purchase holiday items online this year, according to the survey.
In doing so, "they [shoppers] are taking advantage of additional offerings such as free shipping, buy online, pick up in store and even expedited shipping to ensure they receive their gifts on time," Phil Rist, Prosper's executive vice president of strategy, said.
For its data, NRF surveyed nearly 8,000 consumers from Oct. 1 to Oct. 10 about winter holiday shopping plans.