Research firm IBISWorld predicts 3.4% growth in holiday spending
Tighter budgets will cause consumers to spend less this holiday season
The holiday shopping season has gotten off to a bit of a slow start, as many retailers are reporting disappointing Black Friday sales. Although reports are that that number of shoppers is up a bit, those buying gifts are being a bit hesitant to spend more this year.
The research firm IBISWorld has issued a press release today that predicts modest growth this year in holiday spending – only 3.4 percent over 2012.
“In 2013, IBISWorld forecasts the category to grow 3.1 percent to $53.3 billion. In an effort to reduce expenses, consumers are expected to purchase presents for a smaller network of people. Americans are returning to the heart of the holidays, spending time and money on family, friends and loved ones that matter most,” the report states.
The electronics category will continue to have robust growth, the report predicts, with sales up 6.6 percent. IBISWorld also says that spending on greeting cards and postage will grow a hefty 6.5 percent as family members choose to send cards, and sometimes gift cards, in lieu of a boxed gift.