According to chainstoreage.com, The NPD Group predicts that consumers will spend more this year than last year; 30% of surveyed consumers say they’re spending more because they aren’t spending as much on dining out, travel, or other expenses. Experts believe this holiday splurging is partially a result of consumers wanting to feel more normalcy in a year turned upside-down. They feel sad and guilty that they will be missing out on in-person celebrations, so they will be spending more on gifts for others and gifts for themselves.
Experts say at-home gifts, like loungewear, kitchen appliances, electronics, etc. will remain popular purchases like they have since the pandemic started. 53% of surveyed consumers said they’re planning to buy gift cards for loved ones, and experts say food and other subscription services will be popular gifts as well.