38% of consumers said they would begin holiday shopping by the end of October 2020.
Retail sales will rise between 1 and 1.5 percent over 2019 holiday sales – a forecast of $892 billion for the 2020 holiday season.
71% of consumers plan to do most of their holiday shopping online this season.
Consumers plan to spend on average between $1,000 – a drop of just $50 from last year – up to $1,400 on gifts, food and decorations this year.
Spending will include $922 in gift cards and other retail items, as well as at home entertaining ($205) and socializing away from home ($260).
Socializing away from home = $260
Clothing and accessories = $253
Gift cards and other = $242
Home entertaining = $205
Food and beverage = $200
Electronics and accessories = $195
Toys and hobbies = $163
Home and kitchen = $158
Health and wellness = $114
Pet supplies and treats = $90
Consumers will pay for holiday purchases with debit cards, credit cards and cash.
Holiday spending payment methods:
Debit card = 46%
Credit card = 39%
Cash = 15%
For more details on the 2020 shopping season, see our “Will the Holidays Be Merry and Bright for Retailers?” article.
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This content is general in nature and does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.
Statista, “When Consumers are Most Likely to Begin Holiday Shopping in the United States as of September 2020,” October 23, 2020
Deloitte, “A Tale of Two Holiday Seasons: As a K-Shaped Recovery Model Emerges, Consumer Spending Heavily Bifurcated,” September 15, 2020
Creditcards.com, “Poll: Most Americans Will Do Holiday Shopping from "
National Retail Federation, “Annual 2020 Holiday Survey,” October 2020
Deloitte, “2020 Holiday Retail Survey,” October 2020
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