Holiday Retail Sales Driven by Confident Shoppers with More to Spend and Buy
The average U.S. consumer is decidedly more confident heading into the holiday shopping season, which could greatly impact retailers’ success this year, according to a new study by Synchrony Financial—the nation’s largest provider of private label credit cards. According to the study, nearly have of those surveyed indicated that they are “more confident in their financial situation that last year (37 percent),” and another 48 percent plan to start their holiday shopping earlier this year.
Larger shopping lists and improved finances were cited by 32 percent of shoppers surveyed who plan to spend more this year, which is up from 21 percent in 2014. According to the survey, toys, games, electronics, apparel, shoes, and gift cards are the key gift-buying categories.
And while spending will be up, 53 percent of the surveys participants said that they plan to set a firm holiday budget, and 76 percent said that they “always” comparison show to ensure that they are getting the best price.