US holiday spending hits new high, with service spending accounting for a large increase

According to the ICSC 's 2021 post-holiday survey, although sales growth in the United States slowed down in December , sales during the holiday shopping season still hit a record high, and nearly 50% of shoppers said their holiday shopping spending in 2021 exceeded that of last year.

ICSC research shows that sales in November and December of 21 increased by 17% year-on-year, and consumers spent an average of about $ 1,011 during the holiday season. 50% of shoppers said they spent more than in 2020 , 23% of consumers spent the same as in 2020 , and 23% of consumers spent less in 21 .

As for the phenomenon of slower holiday sales in December 21 , ICSC said it may be due to the longer holiday shopping season this year, so many consumers started holiday shopping early. 45% of shoppers pointed out that they started holiday shopping earlier in 21 than in previous years.

It is reported that throughout the holiday season, consumers spent an average of $ 736 on total merchandise, up from $ 625 in 2020 , and $ 579 on holiday-related merchandise, up from $ 457 in 2020. It is worth noting that U.S. consumers' spending on services this year has increased significantly compared to the same period last year, with each consumer spending an average of about $ 275 on services, up from $ 170 in 2020 .

According to the ICSC , U.S. consumers spent about 21% more during the holiday shopping season than they did last year, which the ICSC believes is a strong sign of recovery in the retail industry. Consumers believe that rising costs for holiday items, an increase in the number of people who need to give gifts, and a strong holiday atmosphere are the main reasons for their increased holiday spending in 2021 .

“ This holiday season was a record-breaking success by any measure, and it bodes well for what could be a strong 2022 for the retail industry, ” said Tom McKee , president and CEO of ICSC .

“ We expect demand for in-store shopping experiences to continue to grow in 2022 , while consumers will continue to take advantage of online and click-and-collect options to shop,” Mackey said. “Successful retailers will leverage all available channels to reach consumers and meet their growing demands. ”

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