A major trade group for the U.S. retail real estate industry is projecting a roughly 9% rise in holiday spending this year as shoppers return to brick-and-mortar stores and buy gifts earlier, a development that would support retail property values in the pandemic.
ICSC released on Tuesday the results of its annual Holiday Shopping Intentions Survey, which found that the average American shopper is planning to spend $637 on gifts and other holiday-related items this year. That would mark an 8.9% increase in November through December sales versus a year earlier to $923 billion, boosting retailers “as consumers make use of multiple shopping channels,” according to the organization.
“Strong retail spending has driven a significant economic recovery this year despite the ongoing COVID-19 pandemic, and consumers continue to return to pre-pandemic behaviors in the face of uncertainty,” Tom McGee, ICSC’s president and CEO, said in a statement. “Consumers have remained resilient throughout 2021, which I am confident will continue during and after the holiday shopping season.”
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