Nevada shoppers set to spend $ 5.5 billion this holiday season
If the crowds last week at southern Nevada malls such as Las Vegas North Premium Outlets are any indication, this year’s holiday shopping season could set a record in the state.
The Retail Association of Nevada said Thursday that the state’s total vacation retail sales are expected to climb to $ 5.5 billion this season, a 10 percent year-over-year increase. It counts the holiday shopping season from November 1 to December 31 and excludes auto sales, restaurants and gasoline.
The association said rising personal incomes, thanks to federal stimulus packages and rising wages, along with higher savings rates, likely prompted buyers to add to their basket.
But his report also revealed a broader trend: Buyers are starting earlier.
âConsumers were plentiful over Thanksgiving weekend, but unlike in the past, Black Friday is no longer the unofficial start of the holiday season,â said RAN Senior Vice President Bryan Wachter, in a press release. “Thanksgiving weekend now feels more like halftime than kickoff, with consumers starting shopping weeks and months in advance to find the best deals.”
The proof is in the numbers with RAN reporting sales over the five-day Thanksgiving weekend which includes Black Friday, Small Business Saturday and Cyber ââMonday down for the second year, despite the same estimated number. of Nevadans shopping in-store and online.
He estimated that more than 1.7 million Nevadans spent a total of $ 516.3 million on gifts, decorations and other merchandise over the long holiday shopping weekend. In 2020, the association said the same number of buyers spent a total of $ 545.7 million, up from $ 638.9 million in 2019.
Moderate retail sales were also observed nationally.
The National Retail Federation reported Monday that 179.8 million people shopped over Thanksgiving weekend, down 3.5% from 2020. The trade association said weekend shoppers end spent an average of $ 301.27 on vacation-related purchases, which is lower than last year’s average spend of $ 311.75.
The retail federation also attributed the drop in spending to consumers who are one step ahead of their holiday shopping, especially as many retailers have encouraged shoppers to start early as the chain grunts procurement causes some to have less inventory or, worse, sell items.
As retailers rolled out offers in October and early November, the retail federation found that nearly half of shoppers surveyed, or 49%, said they took advantage of the first promotions before Thanksgiving this year.
âIn recent years, consumers have shifted their holiday shopping plans to start earlier in the season,â NRF President and CEO Matthew Shay said in a statement.
But the tradition of going to a store over Thanksgiving weekend has remained strong as retailers have seen an increase in foot traffic, according to the federation. About 104.9 million shoppers visited stores, up from 92.3 million in 2020.
He said the top purchases over the Thanksgiving shopping weekend included clothes (purchased by 51%), toys (32%), gift cards (28%), books and video games ( 27%) and electronic devices (24%).
Meanwhile, data from Adobe Digital Insights revealed that online sales in the United States over the five-day shopping weekend hit $ 33.9 billion, down slightly from 1. 4% year on year. But looking at total online sales from November 1 to 29, he found an 11.9% increase over sales in 2020, reaching $ 109.8 billion.
The Nevada association said online sales in the state are also expected to increase this holiday season, reaching more than $ 1.1 billion. He said non-store retail sales, which include online retailers, have already hit an all-time high with double-digit growth. In the 12 months to September of this year, online sales totaled nearly $ 5.3 billion, an increase of almost 30% year-over-year.
Contact Subrina Hudson at firstname.lastname@example.org. To follow @SubrinaH on Twitter.