Where will the holiday ads on radio come from? One clue could be the list of what products consumers are most focused on for gifts. The National Retail Federation (NRF) says the top gift that shoppers expect to give this holiday season is clothing, with more than half (54%) saying they will be wrapping up something from that category. That’s followed by gift cards (44%), toys (36%), books, video games and other media (31%) and food/candy (30%).
A record number of people — 183.4 million — are expected to shop during the Thanksgiving holiday weekend, a new survey from the National Retail Federation and Prosper Insights & Analytic shows. “The holiday season is in full swing and while many consumers have made progress on their shopping lists, most shoppers will make the majority of their purchases over the coming weeks,” NRF VP Katherine Cullen says.
The internet remains the most popular source for gift ideas, with 44% of shoppers using online search for inspiration. Other top sources include friends and family (36%), in-store visits (30%) and wish lists (26%).
Prosper Insights Executive VP Phil Rist says younger shoppers continue to embrace social media for gift ideas, with those 18-24 more likely to find inspiration through platforms such as TikTok (28%) and Instagram (27%). “These shoppers are also more likely than any other age group to purchase jewelry, with 30% planning to gift these items,” Rist says.
As in recent years, gift cards remain a popular holiday purchase, and overall spending is expected to reach $28.6 billion vs. $29.3 billion last year. Similar to previous years, the average shopper will purchase three to four gift cards and spend $51.18 per gift card ($170.48 per person).
Restaurants are the most popular gift card category (30%), followed by department stores (25%), bank-issued gift cards (25%) and coffee shops (22%).
NRF previously estimated that holiday spending will grow 2.5% to 3.5%, totaling $979.5 billion to $989 billion. The survey also found that most shoppers will embrace the spirit of giving back this holiday season, with two-thirds (66%) planning to engage in at least one charitable activity such as donating money or items this season.