Consumers are spending more on themselves this holiday season.
This trend is boosting retailer’s sales for now but raising concern of consumer spending after the holidays.
Consumers are taking advantage of deals to snap up items for themselves and non-gift items for their families.
Here’s the scoop from Ad Age …
According to the National Retail Federation, six in 10 planned to buy non-gift items this holiday season, spending an average of $130, up from $112 a year ago.
Research from Shopper Sciences found that a majority of shoppers spent more on themselves than on friends and family during the post-Thanksgiving shopping period. And 80% of shoppers surveyed spent more than they planned to.
Some retailers are even marketing the concept of self-gifting. NRF recently highlighted J.Crew, which featured a “Gift Yourself” section on its website, along with the text “To: You, From: You.”
While self-gifting is good news in the near term, in the long term it could prove problematic.
“Many went into the holidays thinking, ‘I need a new laptop, but I’ll wait until the prices are good.’ If consumers are waiting for the holidays, that creates a challenge for retailers [trying to] pull shoppers in the other 10 months of the year. It’s a blessing during the holidays and a curse the rest of the year.”
Excerpt from AdAge: “On Your Holiday Shopping List This Year: You”
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