As retail sales grew 17 percent year-over-year in November and December, ICSC’s (International Council of Shopping Centers) 2021 Post-Holiday Survey* has found that consumers spent an average of $1,011 this holiday season, with 226 million consumers spending money on holiday gifts.
“This holiday season was a record-breaking success by any metric, and the strong retail sales are a sign of momentum for 2022,” said Tom McGee, president and CEO, ICSC. “Despite sales slowing in December, numerous data points continue to suggest the economy is strong and resilient in the face of disruption, and America’s marketplaces are playing an essential part driving our entire economy forward.”
In December, the decline in sales might be attributed to the long holiday shopping season in 2021.
ICSC’s survey found that consumers spent $736 overall on goods and $275 on services during the holiday period, significant increases from 2020 spending of $625 and $170 in each respective category.
Shoppers spent $579 on holiday-related items in 2021, up from $457 in 2020. Fifty percent of shoppers reported spending more than last year, while 23 percent spent the same and 23 percent spent less.
On average, consumers who spent more reported spending about 21 percent more than last year, a strong sign of resurgence for the retail industry.
Consumers noted a higher cost of holiday items (28 percent), an increase in the number of consumers for whom they bought gifts (26 percent), and wanting to do more for a more celebratory atmosphere (25 percent) as the top reasons for increased spending in 2020.
Despite the pandemic, retail sales showed year-over-year growth despite supply constraints and shipping delays. Even with those issues, 64 percent of consumers felt that retailers did a good job of making sure shelves were stocked and merchandise was available.
Forty-five percent of consumers noted that they started holiday shopping earlier than in the 2021 season compared to previous years.
“We expect 2022 to bring continued demand for in-store shopping and experiences, while consumers will continue to take advantage of online and click-and-collect options,” said McGee. “Successful retailers will leverage all channels at their disposal to reach consumers and meet their growing needs.”
The ICSC 2021 Post-Holiday Consumer Survey was conducted online from January 3-5, 2022. The survey represents a demographically representative sample of 1,007 respondents.
