Sales could be up by 5.7% this year to US$217.4bil compared to last year’s figures when holiday sales increased just 2.2%, according to the National Retail Federation (NRF).
The trade group estimates that consumers will spend an average of US$671.88 on holiday celebrations this year – with almost 60% of this going for gifts to family. Gifts for friends will account for a further 10.9%, candy and food will comprise 11% and holiday decorations will comprise another 5%. Other studies predict that consumers will be spending an average of US$35 to US$50 per present, considerably higher than the US$21 to US$25 per gift they spent last year.
