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Consumers intend to spend same or more this holiday season
Positive news for retailers today, from market research company The NPD Group. While holiday shopping will get off to a later start this year than in 2011, few consumers intend to spend less.
There is light at the end of the tunnel, according to The NPD Group's chief industry analyst, Marshal Cohen. The Annual Holiday Survey reveals that consumer confidence is up and 10% plan to spend more this year, compared to 9% last year.
Sixty-seven percent plans to spend about the same as they did last year, compared to 64% last year.
"While consumer confidence seems to be up retailers will still face some challenges," warns Cohen. "They will need to develop creative ways to lure shoppers into the stores."
The holiday shopping season will start later this year than last. More consumers had started shopping by this time last year but, says Cohen, this year's elections are distracting many. However, once over, they will spring into action.
The number intending to shop online this year remains the same as last - 38%.
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