Even as prices Iowans pay for everything from groceries to gasoline remain high, a survey finds many of us hold firm to traditions and won’t skimp on the holidays.
November and December are vital to retailers, as some Iowa merchants can make up for ten months of so-so sales in the year’s final two months.
Allison Zeller, vice president of industry and consumer insights at the National Retail Federation, says they’re projecting -higher- consumer spending for the holidays.
“NRF is forecasting that total holiday spending is going to grow by 4.2%,” Zeller says, “and this works out to be about just over $1 trillion.”
Zeller says more than half of holiday shoppers surveyed say the economy will shape their plans for the rest of the year, and those plans will be more strategic. She says shoppers believe sales and promotions will play an important role.
“Shoppers and consumers feel the pinch of a lot of different headwinds. Gas prices are up, they’re feeling a bit uncertain about the economy, but they’re not skipping the holidays,” Zeller says. “They’re planning early, they’re looking for value, and they’re above all protecting the traditions that they have with their families.”
The survey says consumers are shopping early and they’re shopping online, but Zeller says brick-and-mortar stores are also seeing a comeback.
“People want to see items before they purchase,” she says. “They want to stick to their budget and shop around and also really enjoy being in the store and getting that holiday spirit that you can only get when you’re walking around full of decorations and the excitement that happens there in person.”
Zeller says the U.S. economy grew at an annual rate of 3.4 percent between July and September, as consumers continued spending — despite high prices.
