Now that’s a headline that grabs attention.
The number of consumers who plan to spend less or the same as last year is growing. At the same time, consumers who said they plan to spend more this year decreased by 75% over last year, Brand Keys stated.
The average customer is expected to spend about $775, about 5% less than last year, according to the report.
This differs from the $832 figure the National Retail Federation just issued in a report out October 15.
“More shoppers, with thinner wallets and seeking to avoid the crowds, lines at check-out, and the stress associated with bricks-and-mortar shopping, say they’ll go online to shop this holiday season,” said Brand Keys president Robert Passikoff.
THE REAL WORLD RETAILING TAKEAWAY
Getting the holiday spending figures right is about as easy as deciphering the presidential contenders’ stance on the issues.
So who is right?
I stated to a number of reporters and writers a couple weeks ago that I thought the NRF numbers were too aggressive, even at a drop of 50% versus the 10-year average.
I still stand by my feeling that growth will be meager at best, and several categories such as home goods and even soft goods like apparel may experience negative growth.
Only time will tell.