Businesses across the commonwealth are preparing for what should be another busy season of holiday shopping, and the Kentucky Retail Federation (KRF) is asking consumers to support the retailers in their communities as they gear up for the rush.
According to the National Retail Federation (NRF), holiday spending is expected to hit record levels this year. Experts predict an increase of 3 to 4 percent from 2022, reaching a total of $957.3 billion to $966.6 billion in total consumer spending.
The NRF’s latest survey also forecasts that consumers will spend an average of $875 on holiday retail purchases, up an additional $42 from 2022. The NRF expects consumers to spend about 70% of their holiday retail purchases on gifts, while the rest will go toward decorations, candy, food and other seasonal items.
58% of consumers say they plan to shop online for their holiday purchases, demonstrating a continuing trend, but many still plan to shop in-person at department stores (49%), discount stores (48%) and grocery stores (44%).
Source: National Retail Federation and Prosper Insights & Analytics October 2023 Consumer Holiday Survey.
“We’re encouraged to see holiday shopping beginning to recover to pre-pandemic levels,” said Tod Griffin, president of the Kentucky Retail Federation. “Despite the challenges we’ve faced this year involving inflation, high gas prices and high housing costs, consumers in Kentucky remain resilient, and we fully expect a highly successful holiday shopping season.”
An estimated 182 million people plan to shop in-store and online from Thanksgiving Day through Cyber Monday this year, according to new data released by the NRF. This figure is 15.7 million more people than last year and is the highest estimate since NRF began tracking this data in 2017.
“It’s exciting to see retailers gearing up for another holiday season. Supporting local retailers helps sustain local economies across the commonwealth,” added Griffin.
