ICSC: holiday retail sales to increase 3.8%, almost all shoppers plan to buy in store
The International Council of Shopping Centers (ICSC) reported on Thursday that it expects 3.8% year-over-year growth in retail sales this holiday season, and according to the ICSC’s Holiday Shopping Intentions Survey, consumers are expected to spend on average $728.40 on gifts and other holiday related items.
Though e-commerce tends to be the more popular shopping destination, 96% of shoppers plan to make a purchase from a retailer that has a physical and online presence, with 91% buying at physical locations.
92% of millennial shoppers plan to spend money in a physical store, and 57% plan to shop on Black Friday (more than any other age group).
Most shoppers are not planning to wait until after Thanksgiving dinner to begin shopping. The ICSC found that 66% of consumers are planning to shop before Thanksgiving, and 27% began shopping in August. Gift cards are expected to be the most popular gift this year followed by apparel and footwear, then toys and games and finally electronic devices.
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