NRF: Top holiday gifts, toys are...
Clothing and gift cards the list of top gifts expected to be given this season, according to a new forecast from the National Retail Federation.
More than half (54%) of all holiday shoppers are expected to buy clothes or accessories as gifts this year, followed by gift cards (44%), toys (36%), books, video games and other media (31%) and food/candy (30%).
Gift cards remain a popular holiday purchase and overall spending is expected to reach $28.6 billion compared with $29.3 billion last year. Similar to previous years, NRF says 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 notes that 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 (30%) and wish lists (26%).
“Younger shoppers continue to embrace social media for gift ideas, with those between the ages of 18-24 more likely to find inspiration through platforms such as TikTok (28%) and Instagram (27%),” said Prosper Insights & Analytics executive VP of Strategy Phil Rist. “These shoppers are also more likely than any other age group to purchase jewelry, with 30% planning to gift these items.”
For adults shopping for children this year, the top five toys for boys include Legos, Hot Wheels, cars, video games and PlayStation. For girls, the top-five toys include Barbie, dolls, Legos, makeup/beauty and Disney items. TV shows and movies continue to influence top toys, with characters such as Spider-Man and Barbie remaining popular among children, along with Disney items returning to the top-five toys for girls.
Consumers are expected to spend a record $902 per person on average across gifts, decorations, food and other key seasonal items this year. Of the amount shoppers plan to spend, approximately $641 is on gifts for family, friends, co-workers and more.
[READ MORE: Forrester: Total U.S. holiday sales to hit $1 trillion, with online up 10.1%]
Close to half (44%) of consumers plan on using debit for their holiday purchases, compared with 39% who plan to use credit cards. Nearly six-in-10 (57%) shoppers plan on using at least one digital wallet or app while shopping, with the top-three payment methods including PayPal (30%), Apple Pay (15%) and Cash App (14%).
NRF’s survey asked 8,135 adult consumers about their holiday shopping purchases. It was conducted Nov. 1-7 and has a margin of error of plus or minus 1.1 percentage points.
