Retailers Expect Big Consumer Spending During 4Q
Brandweek, Friday, October 20, 2006 2:06 PM
Falling gas prices and rising optimism are expected to fuel a significant jump in consumer spending this season, according to a survey conducted by BIGresearch for the National Retail Federation. The average shopper is expected to spend close to $800 this year, compared to last year's $738.11. They also will take advantage of sales and discounts, spending an additional $99.22 on themselves.
The number planning to shop online is up sharply, from 36% last year to 47.1% this year. Discount stores remain the No. 1 destination with 70.3% of those surveyed, followed by grocery stores (49.3%), specialty stores (48.4%), drugstores (21.0%), and crafts or fabrics stores (20.5%). Department stores will see a huge influx of young adults 18 to 24 who "see the holiday season as a time to splurge, not skimp, on gifts for loved ones," says Phil Rist, vice president-strategy for BIGresearch.
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The number planning to shop online is up sharply, from 36% last year to 47.1% this year. Discount stores remain the No. 1 destination with 70.3% of those surveyed, followed by grocery stores (49.3%), specialty stores (48.4%), drugstores (21.0%), and crafts or fabrics stores (20.5%). Department stores will see a huge influx of young adults 18 to 24 who "see the holiday season as a time to splurge, not skimp, on gifts for loved ones," says Phil Rist, vice president-strategy for BIGresearch.
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