A recent survey of consumers by the National Retail Federation (NRF) finds that consumers will spend an average of $1,007.24 during the holiday season this year, up from the $967.13 they said they would spend last year.
For most Americans, the holiday shopping season begins Thanksgiving weekend. Black Friday, Small Business Saturday, and the following Cyber Monday bring an abundance of deals to shoppers as retailers look to convince them to spend their money.
According to NRF’s research, special discounts are as important as ever for shoppers. Last year at this time, 66 percent of those who planned to shop said they were doing so to take advantage of deals and promotions. Additionally, 3 in 4 consumers said that sales and promotions are very or extremely important to them.
“Retailers expect strong demand this year, and are prepared with a wide array of merchandise while offering strong deals and promotions during the busiest and most competitive shopping season of the year,” says NRF President and CEO Matthew Shay.
164 million people are expected to shop this weekend, and many of these people will look to take advantage of deals and promotions retailers will offer. The NRF reports that over 4 in 10 consumers say that they can’t resist making a purchase when something is on sale.