FOR IMMEDIATE RELEASE November 16, 2022
Contact: Bryan Wachter (775) 771-8969 | Bryan@RANNV.org
Nevada Consumers Expected to Spend $6.5 Billion this Holiday Season Statewide Holiday Spending Projected to Grow by 8 Percent The Retail Association of Nevada (RAN) forecasts consumer retail sales in Nevada to grow by 8 percent during the holiday shopping season this year to reach a record $6.5 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 6 percent and 8 percent, according to the National Retail Federation (NRF). “Even more than in the past, consumers are starting their holiday shopping and deal hunting early this year,” said Bryan Wachter, Senior Vice President of RAN. “Consumers continue to feel that gift giving is an important part of the holiday season, and the pressure of inflation and rising interest rates are driving them to look longer and harder for deals and discounts.” The holiday shopping timeline has lengthened over the past few years as retailers begin their deals and promotions earlier in the fall to meet growing consumer preference to spread out their budgets and shop longer for the best deals. According to a survey conducted by NRF, approximately 44.0 percent of this year’s holiday shoppers indicated that it was better to purchase gifts and other seasonal items as early as September because they believe inflation will continue to impact prices as we approach the gift-giving season. While inflationary pressures are being felt, consumers are still spending and are expected to shop for holiday gifts this year. According to NRF, 62.0 percent of holiday shoppers agree that it is important to spend on holiday gifts and celebrations, even if that means cutting back spending in other areas. Further, 43.0 percent of consumers indicated that they do not earn enough to cover the costs of gifts and other holiday related goods this year. As a result, shoppers are looking for other ways to supplement their income, whether it be by dipping into their savings (40.0 percent of consumers), taking on credit card debt (32.0 percent), using services like buy now, pay later (25.0 percent) and selling assets (22.0 percent).
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