According to the NPD Group, 67 percent of Americans polled were planning to spend about the same this holiday season, while 10 percent will plan to spend more than in the prior year. While this is an increase over last year, where 64 percent said they would spend the same amount and 9 percent said they would spend more, it is uncertain if this change will benefit the gaming industry, where retail sales have been diminishing in double digits over the past few years.
“Watch for more practical purchases this year with consumers buying useful items that they need rather than spending their money on luxury treats,” said NPD chief industry analyst Marshal Cohen. “With a small amount of new products on the market, consumers will give the gift of practicality rather than splurge on special gifts…Consumers tell us they want to shop more but without the ‘it’ item and lack of pent-up demand this could be the Christmas of Contradictions.”
