IE Business Daily Business news for the Inland Empire.
U.S. consumer spending is expected to reach an average of $902 per person during the holiday shopping season, according to the National Retail Federation.
That is about $25 more per person than in 2023, and $16 higher than the previous record set in 2019, the Washington D.C.-based trade association reported recently.
Those numbers were compiled by Prosper Insights & Analytics, in Worthington, Ohio, a company that collects and analyzes consumer data. Its winter holiday forecast covers sales of gifts, food, decorations, among other seasonal items.
“Despite a shorter window of time between Thanksgiving and Christmas, retailers are prepared to meet the needs of consumers by providing holiday shoppers with earlier deals and sales, and by ensuring inventory is available for the most in-demand items,” said Katherine Cullen, federation spokeswoman, in the statement.
Gifts for family members will account for most of the spending. Of the $902 shoppers plan to spend, about $641 will be spent in that category, according to the survey.
