09/30/2021 | Press release | Distributed by Public on 09/30/2021 10:11
Port Washington, NY, September 30, 2021 - New insights from The NPD Group reveal that 29% of U.S. consumers plan to spend more on holiday shopping than they did last year, despite unchanged feelings about their own personal financial situations and the state of the economy. NPD estimates holiday spending will rise 3% during the traditional November and December holiday shopping season and 5% when the season is expanded to include October and January.
According to the recent study from NPD that tracks holiday purchase intentions each year, nearly two-thirds of U.S. consumers expect their 2021 holiday season will be more like it was last year, than it was during the pre-pandemic holiday season in 2019. However, alongside the accelerated growth in online shopping, and other enduring pandemic-based lifestyle and shopping shifts, the survey reveals a rise in consumer optimism about the holidays this year.
"It's going to be a hybrid holiday this year, blending the return of a celebratory feeling with the now normalized pandemic lifestyle," said Marshal Cohen, chief retail industry advisor for NPD. "We expect the consumer's sustained propensity to spend will carry through the traditional November and December shopping period. However, shopping in the here-and-now, and other spending styles that have emerged during the pandemic will bring additional growth to the expanded October-into-January shopping season this year."
"New optimism, along with underlying uncertainty, are fueling shopping expectations, making this a more complex holiday season for consumers and marketers, alike," Cohen said. "But retailers and manufacturers that remain flexible will be able to navigate the diverse landscape of consumer behavior and arrive at a successful holiday result."
The NPD Group, Inc.
900 West Shore Road
Port Washington, NY 11050