Giving jewelry as a gift for the holiday season will be most popular among Gen Z shoppers, according to a recent survey by the National Retail Federation (NRF).
“Younger shoppers continue to embrace social media for gift ideas, with those between the ages of 18 and 24 more likely to find inspiration through platforms such as TikTok and Instagram,” Phil Rist, executive vice president of strategy for Prosper Analytics, which collaborated on the survey with the NRF, said last week. “These shoppers are also more likely than any other age group to purchase jewelry, with 30% planning to gift these items.”
However, overall, jewelry was near the bottom of the list of gifts consumers expected to give. The clothing and accessories category topped the list, with 54% of the vote, followed by gift cards, which 44% chose. Some 36% planned to buy toys, and 31% said they would give books, video games and other media. Food and candy attracted 30% of respondents, personal care and beauty items 28% and electronics 23%. Among consumers polled, 20% intended to buy jewelry, trailed only by home décor or furnishings at 19% and sporting goods or leisure items at 17%.
Those planning to purchase gift cards anticipated giving three to four, spending approximately $51 per card, or $170 per person, the NRF noted. In total, shoppers were set to spend a record average of $902 per person, with about $641 of that going to gifts for family, friends and coworkers, and the remainder was for decorations, food and other key seasonal items.
While many consumers have already begun their holiday shopping, the majority will be purchasing closer to the big day.
“The holiday season is in full swing, and while many consumers have made progress on their shopping lists, most shoppers will make the majority of their purchases over the coming weeks,” said Katherine Cullen, NRF vice president of industry and consumer insights.
The NRF forecast that holiday spending would reach record levels during November and December, growing 2.5% to 3.5% to between $979.5 billion and $989 billion.
BRON: Rapaport 24-11-2024
