Presidential Election Could Cause Holiday Shopping Rush in November
America’s presidential election falls at the start of the holiday shopping season, which may cause a lull in initial sales. The National Retail Federation predicts a rush in sales after the votes have been tallied, and they are urging retailers to prepare for what’s to come.
“Political advertisements are taking up ad space that retailers typically use to get holiday shopping on the minds of consumers across the country. Once the election has passed, we anticipate consumers will pull themselves out of the election doldrums and into the holiday spirit,” NRF President Matthew Shay said.
The NRF’s annual consumer spending survey said Americans plan to spend an average of $935.58 this year on holiday shopping, down slightly from last year’s record high of $952.58. This includes money spent on gifts, decorations and greeting cards.
A separate survey from the organization showed 43% of consumers are being more cautious with their holiday shopping due to the “uncertainty of the election season.” In the weeks following the election, the NRF predicts that consumers will feel safer about spending money because they are confident about the country’s economic stance. 87% of consumers said they would be convinced to spend $25 more than they’ve budgeted for the holidays if they saw a good promotion. Retailers can take advantage of this by offering strong post-election sales.
Americans are becoming a little more self-indulgent this holiday season, with 58% planning to buy gifts for themselves. On average, consumers plan to spend $139.61 on personal purchases, up from $133.74 last year.