Deloitte: More consumers give the economy a vote of confidence

By Rob Starr, Content Manager, Big4.com

According to Deloitte’s 27th annual survey of holiday spending intentions and trends,  One-half (50 percent) of consumers surveyed expect the economy will improve next year, up from just one-third (33 percent) heading into the holiday season last year. However, the number of consumers planning to spend less on the holidays (37 percent) is at the lowest level since 2006.

Alison Paul, vice chairman, Deloitte LLP, and retail & distribution sector leader comments:

“Consumers appear to be turning a corner and are more confident about the economy,” she says. “Recent improvements in housing, employment and the stock market may have buoyed their spirits, but their optimism is somewhat tempered as they keep an eye on energy costs and possible  tax increases. The election may initially distract consumers, but we expect them to give retailers a post-election ‘bounce’ once their attention turns to the holidays and shopping.”

Survey respondents’ gift spending remains similar to last year at $386, down just slightly from $395 in 2011. The average number of gifts consumers plan to purchase fell to 12.8 from 14.7 last year, a number that has declined steadily from 23.1 in 2007.

“Omnichannel” shoppers may bring retailers the most holiday cheer. The average gift spend among consumers surveyed who plan to hit the Internet, their smartphones and stores this holiday season is $600 – a healthy 71 percent higher than those who plan to shop only in stores.