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By Nick Rigitano
NSGA Director of Insights and Analysis
DOWNERS GROVE, ILLINOIS (November 7, 2022) – The National Sporting Goods Association (NSGA) attended a recent webinar held by the National Retail Federation (NRF) highlighting consumer trends for the upcoming holiday season. While the holiday forecasts from numerous sources look promising, the current state of the US economy does have consumers contemplating their strategy for holiday shopping this season.
According to NRF, important consumer outlooks for the 2022 holiday season include:
- Impact of the current economy on holiday spending plans: 60 percent of holiday shoppers say the current economy is impacting their spending plans for the holidays, up from only 37 percent in 2021. Additionally, 59 percent of consumers said they will spend less because of the current state of the US economy. NRF pointed out that while this percentage is high, it is not as high as the years following the 2008 recession when the economy drove more than 80 percent of consumers to spend less during each of the holiday seasons during 2009, 2010 and 2011.
- Lower- and middle-income households feeling more pressure from higher prices: Households making less than $75K annually are expected to spend an average of $606 this year, $49 less than compared to 2021 ($655). Higher-income households making more than $75K per year, however, are planning to spend $1,304 on average, $57 more than this segment spent in 2021 ($1,247).
- Local/small businesses will still be frequented: 24 percent of shoppers plan to purchase from local or small businesses, which was also the same percentage in 2021.
- For many consumers, holiday shopping has already started: Similar to recent years, 46 percent of holiday shoppers planned to start browsing or buying before November. The top reason cited for the early start was to spread out the gift-shopping budget (60 percent).
For more information regarding holiday forecasts for this year, click here.
Topics
Holiday Shopping NRF Retail NSGA