Average consumer spending during the holiday season will top $1,000 — $1,007.24 to be exact. That’s 4.1% more than the $967.13 spent during the 2017 holiday season, according to a Prosper Insights & Analytics survey conducted for the National Retail Federation (NRF).
The rise is in line with the NRF prediction of a 4.3% to 4.8% jump in retail holiday sales in 2018, creating a total ranging from $717.45 billion to $720.89 billion. This forecast is based on multiple economic factors, while the consumer survey is used to predict per-consumer spending.
These positive predictions for the 2018 season also align with the 2018 Holiday Shopping Outlook study by Blis, which revealed that 18.7% of consumers plan to spend more this season than in 2017, with most shoppers planning to increase their budgets by $100 to $500.
“Confidence is near an all-time high, unemployment is the lowest we’ve seen in decades and take-home wages are up,” said NRF President and CEO Matthew Shay in a statement. “All of that is reflected in consumers’ buying plans.”
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