NRF Research Shows Election to Impact Holiday Shopping, Consumers will Spend on Themselves
According to the latest data from the National Retail Federation, retailers are preparing for an election that has the potential to make a significant impact on the holiday shopping season. Per NRF’s study, conducted by Prosper Insights & Analytics, consumers plan to spend an average of $935.58 during the 2016 holiday shopping season. That total, according to NRF, includes gifts for others, self-spending, food, flowers, decorations, and greeting cards for the various holidays. That total is second only to the record spending set in 2015 ($952.58).
“Everywhere you turn—whether you’re picking up a newspaper or watching television—political advertisements are taking up ad space that retailers typically use to get holiday shopping on the minds of consumers across the country,” NRF President and CEO Matthew Shay said in a statement. “Once the election has passed, we anticipate consumers will pull themselves out of the election doldrums and into the holiday spirit.”
Despite Shay’s sentiment and the findings of the survey, a separate NRF flash poll conducted last week found that more than a quarter of consumers said the election will impact their spending plans for the holidays. Further, 43 percent said they were being more cautious with their spending due to the uncertainty of the election season. That said, the survey found that 87 percent of consumers could be convinced to spend an extra $25 this holiday season if they were so tempted by a sale or promotion, coming across the “perfect gift” for themselves or others, or by the prospect of free shipping.