COVID-19 Update: Holiday Spending

Holiday spending on par with last year, but choices differ

 

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Despite COVID-19, holiday shoppers intend to spend about the same dollar amount as last year ($673, on par with 2019’s $675), according to an estimate from The Conference Board. That is good news in the final stretch of 2020 as the economy loses momentum—with low consumer confidence and high unemployment. However, consumers will spend their dollars differently this year: ·    Toys and games set for biggest spending increase, as consumers continue cocooning ·    Gift cards get a boost ·    Jewelry expected to suffer a major decline With COVID-19 cases continuing to rise, retailers should prepare for a surge in online traffic: 52 percent of consumers say they plan to make at least half of their purchases online, compared with 42 percent last year.   The survey of holiday gift spending intentions was conducted for The Conference Board by Nielsen in October as part of the Consumer Confidence Survey®. For more detail, visit: https://www.conference-board.org/press/Holiday-Spending-2020.