10 percent uptick in holiday spending projected for Nevada

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The Retail Association of Nevada (RAN) estimates over 1.7 million people spent a total of $516.3 million on gifts, decorations and other merchandise over the five-day period to kick off the 2021 holiday shopping season.

Looking ahead, RAN forecasts consumer retail sales in Nevada to grow by 10 percent during the holiday shopping season this year to reach a record $5.5 billion.

“Consumers turned out in a big way over Thanksgiving weekend, but unlike in the past, Black Friday is no longer the unofficial start to the holiday season; Thanksgiving weekend is now more like halftime than kickoff, with consumers beginning their shopping weeks and months in advance to find the best deals,” Bryan Wachter, Senior Vice President of RAN, said in a Dec. 2 press release. “Retailers may have left stores dark this year on Thanksgiving, but with pandemic-driven investments in e-commerce, consumers have more options than ever when it comes to holiday shopping.”

In Nevada, nonstore retail sales, which include online retailers, are at all-time highs. In the 12 months through September 2021, nonstore retail sales totaled nearly $5.3 billion, a 28.9 percent year-over-year increase, according to the Dec. 2 press release.

RAN estimates total nonstore retail sales this holiday season could exceed $1.1 billion.

“The projected surge in holiday shopping would continue the months-long trend of rising retail sales, which have been aided in part by rising personal incomes from pandemic-related federal stimulus programs, higher savings rates and growing wages amid the tight labor market,” according to the Dec. 2 press release, which notes that consumer spending figures exclude auto sales, restaurants and gasoline.

Meanwhile, on a national level, an estimated 179.8 million consumers shopped over the Thanksgiving weekend and on Cyber Monday, marking a 3.5 percent decrease from 2020 as nearly half of consumers took advantage of early holiday sales before the weekend, according to the National Retail Federation.

Shoppers over the five days spent an average of $301.27, with over $215 going toward gifts and holiday items, according to NRF survey data.

Across the U.S., 2021 holiday season consumer spending is projected to increase between 8.5 and 10.5 percent.


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