Americans expected to smash holiday spending records, Gen Z less likely to splurge
Gen Z shoppers are the least likely to splurge this holiday season, but many say the economy is to blame.
Holiday sales are expected to increase 3% to 4% this year when compared to last Christmas, but with uncertainty in the U.S. economy, most shoppers say they’re looking for better prices and promotions.
Americans will spend billions this holiday season, according to the National Retail Federation (NRF), and the shopping has already begun at the Mall of America in Bloomington, Minnesota.
«Even though it’s not Black Friday, we have seen great deals. Actually, we spent more than we were planning to,» said Ramiro Avila, of Eau Claire, Wisconsin.
McKinsey and Company’s latest consumer pulse survey found that this year’s holiday shopping season started earlier and will last longer than it did in 2022. Many shoppers started receiving holiday promotional ads in September, which is a tactic retailers use to attract consumers to spend earlier in the season.
SURVEY: MANY HOLIDAY SHOPPERS ANTICIPATE GIFT SPENDING WILL BE EQUAL OR EXCEED LAST YEAR
Retailers started sending out holiday promotion ads in September. With longer promotional windows, retailers hope to draw more consumers' attention. (Mills Hayes/Fox News / Fox News)
Despite deals starting early, the Mall of America is still preparing for Black Friday and the mall has already set up barriers to corral the people waiting in line.
«Last year, we had over 10,000 shoppers within the first hour, so we’re expecting great numbers this year,» said Jill Renslow, the executive vice president of business development and marketing at the Mall of America.
Renslow says the mall conducted its own survey of 2,500 shoppers and found about half were in the same spending range as last
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