OVERLAND PARK, Kan. — The amount of money Americans spend during the holiday shopping season has increased every year since 2009, and the trend should continue this year, according to the National Retail Federation.
The organization predicts an increase of six to eight percent over 2021’s spending, which would set a new record high.
“Despite record levels of inflation, rising interest rates and low levels of confidence, consumers have been steadfast in their spending and remain in the driver’s seat," Jack Kleinhenz, NRF chief economist said in a statement.
Most of the shoppers who spoke with KSHB 41 News at Oak Park Mall in Overland Park, Kansas, Friday agreed with the prediction, saying they anticipate spending more this year not just because of inflation.
To account for that increase in spending, shoppers are making changes.
Some are shopping earlier than the typical holiday season of Nov. 1 to Dec. 31, so they can spread purchases across more paychecks.
Others are researching items at malls to check quality and size before looking for cheaper prices online. Those shoppers say creating a list helps keep their spending in check.
Several shoppers said the holidays are a time to splurge, so they’re willing to spend more than they usually would.
“It’s all about giving,” Tamika Jones said. “God’s blessing us and we’re going to bless others and make others feel good.”
Big sales, like Black Friday and Cyber Monday, remain popular with shoppers.
“I usually wait until Black Friday,” Rachel Roberts said. “Other than that, I try to keep my spending back a little bit, but that’s what I say every year.”
To battle rising interest rates on credit cards, one shopper told KSHB 41 News she found a card with a low rate.
“Actually the credit card I have is zero interest. As long as I pay it off before the introductory period ends, I’m good,” Heather Terry said.
Businesses at Oak Park Mall like Kansas City Nut Company are happy with the prediction from the National Retail Federation.
“Very beneficial, [holiday spending] carries us through the entire year,” said Karla Douglas, with the Kansas City Nut Company.
The NRF predicts the average consumer will spend about $832 on gifts, food and decorations this season.
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