Nevadans Expected to Spend $6.4 Billion this Holiday Season

FOR IMMEDIATE RELEASE November 17, 2023

Contact: Bryan Wachter (775) 771-8969 | Bryan@RANNV.org

Nevadans Expected to Spend $6.4 Billion this Holiday Season Statewide Holiday Spending Projected to Grow by 4 Percent The Retail Association of Nevada (RAN) forecasts consumer retail sales in Nevada to grow by 4 percent during the holiday shopping season this year to reach a record $6.4 billion. The traditional holiday shopping season spans November and December, and consumer spending figures exclude auto sales, restaurants and gasoline. On the national level, holiday consumer spending is projected to increase between 3 percent and 4 percent, according to the National Retail Federation (NRF).

Consumers are once again expected to prioritize the holiday season and spend their hardearned income on those important to them. At the same time, consumers are actively looking for ways to help stretch their budgets this year. Roughly 62.0 percent of consumers indicated that targeting sales and promotions will be more important than ever this year.

Another 36.0 percent of consumers said they would cut back in other areas of spending to cover the cost of holiday items. Other cost-cutting measures include purchasing gifts for fewer people (30.0 percent) and buying less for themselves (27.0 percent).

The holiday shopping season has begun to start earlier and earlier with each year. This year, 43.0 percent of shoppers indicated that they would be shopping before November.

Top reasons for getting an early start included having more time to spread out their budgets (60.0 percent), avoiding the stresses that come with last-minute shopping (46.0 percent)

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and avoiding crowds (45.0 percent). Additionally, an estimated 70.0 percent of shoppers considered starting their shopping even earlier by targeting October sales events.

In general, consumers are doing their yearly holiday shopping at the same traditional locations as years past. The most popular shopping destination this year was online with 58.0 percent of consumers indicating they would do so. Other popular shopping destinations include department stores (49.0 percent), discount stores (48.0 percent) and grocery stores and supermarkets (44.0 percent).

When it comes to gift selection, shoppers are generally planning to spend on the same categories as the prior year. Gift cards remain the most popular gift as 55.0 percent of shoppers indicated that they would like to receive them. Other popular gifts include clothing or accessories (49.0 percent), books, video games or other media (28.0 percent), and personal care and beauty items (25.0 percent). Additionally, 23.0 percent of shoppers are planning on giving the gift of experience this holiday season.

This year, the share of consumers who indicated that they would be shopping online is expected to rise to 58.0 percent. Non-store retail sales, which include online retailers, have become an essential holiday shopping destination over the past few years. As of August 2023, Nevada’s non-store retail sales sat at an all-time high on a trailing 12-month basis at $6.1 billion, which was up 6.2 percent on the year. RAN estimates that total non-store retail sales this holiday season could reach $1.5 billion, eclipsing last year’s record-setting $1.2 billion.

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