ICSC Forecasts Increased Spending and an Earlier Start to the 2021 Holiday Shopping Season
ICSC expects an 8.9 percent increase in November-December sales as consumers make use of multiple shopping channels
Shoppers are expected to provide a boost for retailers during the 2021 holiday shopping season, according to ICSC’s Annual Holiday Shopping Intentions Survey. ICSC forecasts an 8.9 percent year-over-year increase in November-December sales with the total expected to reach $923 billion. The annual Holiday Shopping Intentions Survey found that the average holiday shopper is planning to spend an average of $637 on gifts and other holiday-related items.
Read More: Nicely Network Expands Affiliate Business, Delivers Improved Performance For Merchants
“Concerns around supply chain issues, shipping delays and inflation are weighing heavily on the minds of consumers and driving them to begin their holiday shopping earlier than usual”
The survey found 90 percent of adults, or 231 million people, plan to make holiday-related purchases this year, and 78 percent of shoppers anticipate spending the same or more this holiday season. Additionally, ICSC forecasts that consumers will spend time and money dining out this year with food and beverage establishments seeing a 35.4 percent year-over-year growth.
Read More: Lobbytrack Integrates With Brivo, The Largest Cloud-Based Access Control Provider, To Bring More…
ICSC anticipates the shopping season will be longer this year, with 75 percent of shoppers expecting to start earlier than they normally would. Among the top reasons for starting earlier this year are to ensure products are available (45 percent), to take advantage of early deals (42 percent), and to ensure products are delivered on time (42 percent).
“Strong retail spending has driven a significant economic recovery this year despite the ongoing COVID-19 pandemic, and consumers continue to return to pre-pandemic behaviors in the face of uncertainty,” stated Tom McGee, President and CEO of ICSC. “Consumers have remained resilient throughout 2021, which I am confident will continue during and after the holiday shopping season.”
