Consumers to Spend Same This Holiday Season as Last, Says Conference Board

Nearly six in 10 consumers plan to spend about the same on electronics this holiday season as last year, reported the Conference Board Friday. Nielsen canvassed 5,000 U.S. homes through mid-October as part of its monthly consumer confidence survey. It found fewer than a third planning to spend less on electronics and 12.6% planning to spend more, fourth behind toys and games (17.7%), gift cards (15.9%) and sporting goods (13.8%). Consumers are entering this holiday season intending to spend on average about $673, on par with last year’s spending estimate of $675, said the board. “The continued inclination to stay at home will bode well for e-commerce,” it said, as 52% said they plan to make at least half of their purchases online, a 10-point increase from last year. That consumers are entering the holidays with intentions to spend about the same as last year is “relatively good news at a time when consumer confidence remains below pre-pandemic levels, unemployment is elevated, and the economy appears to be losing momentum heading into the final stretch of 2020,” it said. “With COVID-19 cases continuing to rise, retailers should prepare for a surge in online traffic and purchases.”