NEW YORK, – More
Americans are planning holiday-related purchases this year than in 2014 – and
those who plan to shop will spend more over a longer period of time.
The 2015 International Council of Shopping Centers (ICSC) Consumer Forecast shows 90 percent of Americans are planning holiday purchases this season, up from 82 percent last year. And overall, 80 percent of shoppers plan to spend the same or more this holiday season than they did in 2014.
The 2015 International Council of Shopping Centers (ICSC) Consumer Forecast shows 90 percent of Americans are planning holiday purchases this season, up from 82 percent last year. And overall, 80 percent of shoppers plan to spend the same or more this holiday season than they did in 2014.
Holiday shoppers will spend an average of $702 this season – up from
$677 in 2014 – allocated as follows: $575
on holiday gifts; $127
on all other holiday-related items, such as decorations, greeting cards, etc.
On average, the highest
income group polled ($100k+) will spend $1,062, and those with incomes less
than $35k will spend an average of $500.
“With gas prices and unemployment down, and housing prices up, holiday
shoppers are heading into the season with increased confidence in their
spending power,” says Jesse Tron, ICSC Spokesman. “While
certain headwinds exist, such as uncertainty in global financial markets and
minimal wage growth in the U.S., the
positive macroeconomic trends are likely to win out and propel retail sales
throughout the holiday season. As a
result, it appears to be shaping up as a solid season for retailers, and if
ICSC’s forecast holds, one that would better the average of the previous ten
seasons by 1.5 percentage points.”
The top five categories in
which Americans are planning to spend this holiday season are:
·
Traditional
gift cards (54 percent)
·
Electronics/devices
(51 percent)
·
Apparel
and footwear (49 percent)
·
Toys
and games, not including apps or video games (42 percent)
·
Food
such as chocolates, popcorn and food baskets and beverages/alcohol (34 percent)
’Tis Already the Season…
for Retailers
Americans are starting their holiday shopping earlier and the stragglers
are pushing later. This year, two thirds (66
percent) of Americans will start shopping before Thanksgiving Day. Only 7
percent expect to be done by Thanksgiving, however; more than half (65 percent)
are planning to have their holiday shopping complete by December 15.
Many Americans are looking
to do their holiday shopping on actual holidays: 12 percent plan to make
purchases on Thanksgiving Day, and 8 percent plan to shop on Christmas Eve. And
the year’s biggest retail holiday – Black Friday – will continue to be a big draw:
41 percent of holiday shoppers plan to take advantage of sales on that day.
Brick-and-Mortar Shoppers to Keep Physical Stores, Santas
Extremely Busy
95 percent of holiday
shoppers intend to make a purchase in a physical store this year. Their top
reasons for doing so include:
·
They
like the ability to physically see, touch or try on the merchandise (46
percent)
·
They
don’t want to pay for shipping (36 percent)
·
The
sales they want are only offered in store (30 percent)
·
They
find it easier to return or exchange items at a store (28 percent)
·
They
enjoy the convenience of one-stop shopping (27 percent)
And another top draw is
Mr. Claus: half of all adults with children under the age of 13 plan to see Santa
at a shopping center this holiday season.
Three-quarters (74 percent)
of U.S. adults will visit shopping centers during the holiday season to do
something other than shop. The top non-shopping, non-Santa activities include: participating
in a charitable activity (e.g. food, clothing, or toy drive) (41 percent), dining
at a table service restaurants and going to the movies (28 percent each).
ICSC Holiday Forecast
ICSC is forecasting overall year-over-year growth of 3.3 percent in
retail sales this holiday season (Nov.-Dec.). That pace would be significantly
ahead of the average ten-year holiday sales growth of 1.8 percent and slightly
ahead of the current yearly pace of 2.8 percent. Notable growth categories
include:
·
Furniture
and home furnishing stores (4.9 percent)
·
Clothing
and clothing access stores (3.3 percent)
·
Health
and personal care stores (3.3 percent)
·
Electronics
and appliance stores (1.1 percent)
Methodology
The 2015 ICSC Holiday
Shopping Survey was conducted online by Opinion Research Corporation on behalf
of ICSC from September 29-October 1, 2015. The survey represents a
demographically representative U.S. sample of 2,001 adults 18 years of age and
older.
The ICSC Holiday Forecast figure was derived using an
exponential smoothing time series model based on not seasonally adjusted
monthly retail sales less the automotive sectors and non-store vendors. The
forecast represents the combined November and December year-over-year increase
in nominal terms. The constituent retail categories were calculated using the
same technique.
About ICSC
Founded in 1957, ICSC is
the global trade association of the shopping center industry. Its more than
70,000 members in over 100 countries include shopping center owners,
developers, managers, investors, retailers, brokers, academics, and public
officials. The shopping center industry is essential to economic development
and opportunity. They are a significant job creator, driver of GDP, and
critical revenue source for the communities they serve through the collection of
sales taxes and the payment of property taxes. These taxes fund important
municipal services like firefighters, police officers, school services, and
infrastructure like roadways and parks. Shopping centers aren’t only fiscal
engines however; they are integral to the social fabric of their communities by
providing a central place to congregate with friends and family, discuss
community matters, and participate in and encourage philanthropic endeavors.
For more information about ICSC visit www.icsc.org and for the latest news from ICSC and
the industry go to www.thecenterofshopping.com.