National Holiday Spending To Reach All-Time High

Americans Expected To Spend About $469.1B This Holiday Season

Nearly 24 million Americans have waited until the last minute to do their holiday shopping, and economic experts say they are pulling out more cash to pay for gifts.

» Sign Up For Breaking News Alerts» Like Us On Facebook

According to the National Retail Federation, Americans are expected to spend about $469.1 billion this holiday season, which would be an all-time high.

San Diego State University branding and marketing professor Miro Copic said it's a good jump from last year's $450 billion.

"It's a huge number. Stores like WalMart are doing a billion-and-a-half-dollars a day by themselves," said Copic. "People feel a little bit better. I think, one of the important things, the retailers have really accommodated that by having great deals this season."

Copic credited online sales and people buying themselves gifts for the first time in three years.

"I think there's a strong consumer confidence or a stronger degree of consumer confidence than there was last year," said Copic.

Copic added the boost is not over. A national survey revealed only 70 percent of Americans had finished their holiday shopping before the numbers were released.

"So there's going to be a lot of action at the malls ... today and tomorrow, to finish your holiday shopping before Christmas on Sunday," he said.

The National Retail Federation said there are 3.6 million retailers in the U.S. They employ 42 million Americans, a quarter of the country's workforce.

Print this article Back to Top