New research suggests that more than half of U.S. consumers are ready to begin spending again in the last quarter of the year as retailers prepare for the holiday season, reports ILM.
According to a July study by OpenX and The Harris Poll, more than half (58%) of U.S. adults surveyed said they expected to spend the same amount or more this holiday season than in prior years. This means that another 42% of consumers are planning to cut back on holiday spending. However, it is expected that those who will spend should push total holiday retail sales into positive territory. Consulting firm Deloitte predicts a year-on-year increase of 1% to 1.5%. Also, the relaxing of restrictions across the U.S. and a general optimism about the economy are expected to lead to increased consumer spending in the last quarter of the year and beyond.
The report says that consumers appear generally optimistic about 2021, with 36% of respondents reporting plans to spend more in 2021 than they did in 2020. These general attitudes are said to have persisted since the study was conducted in July; U.S. consumer confidence surged in September to the highest it has been since April, per The Conference Board's Consumer Confidence Index, as cited by U.S. News & World Report.