National Retail Federation reports only 3 percent of consumers have finished their holiday shopping.
With the holiday season’s halfway mark approaching, more than half of consumers have already started shopping, according to the National Retail Federation’s mid-season survey.
The survey found that 55.7 percent of shoppers have already started buying gifts, the second-highest level in the history of the survey and slightly down from last year’s record 56.6 percent. Three percent of consumers also said they were finished shopping.
According to the survey, clothing and accessories will remain the most popular gifts this year, given by 61 percent of shoppers. Meanwhile, 56 percent will give gift cards; 44 percent will give books, CDs, DVDs, videos or video games; 42 percent will give toys; 31 percent food or candy; and 30 percent will give electronics.
Additionally, holiday shoppers say they are planning to purchase an average of three gift cards. Spending in this category is expected to reach $27.5 billion, up from last year’s $26 billion. Popular gift cards include those from restaurants (35 percent of buyers), department stores (33 percent), Visa/MasterCard/American Express (22 percent), coffee shops (21 percent) and entertainment (17 percent).
“Consumers are looking for great prices and promotions earlier than ever, and retailers answered that demand by offering Black Friday deals as soon as the day after Halloween,” says Matthew Shay, president and chief executive officer, NRF. “This time of year is about finding the right gifts while staying on budget. For those looking for anything from toys to apparel at retailers large and small, in-store or online, retailers are ready with great merchandise at affordable prices.”