The NPD Group Tuesday added to the growing body of evidence suggesting that holiday spending will decrease this year — or, at best, be flat.
The Port Washington, N.Y.-based market research firm, in a report subtitled “It’s Holiday on Sale,” said that, in a survey conducted last month, 26 percent of respondents expect to spend less this holiday, up from 18 percent last year.
Marshal Cohen, chief industry analyst at NPD, said the change in intentions “illustrates that consumers are already focused on the idea of spending less.”
While the percentage of those expecting to spend more remained the same as last year — at 11 percent — those who anticipate spending “about the same” declined to 63 percent from 70 percent.
For the first time, Cohen predicted that holiday expenditures would be flat or lower than in the prior year. The poll incorporated the responses of 2,030 respondents answering from Sept. 8 to 16, the day before the credit crisis led to across-the-board declines in retail stocks.
Those expecting to use credit to purchase holiday gifts fell to 26 percent from 28 percent a year ago. Sixty percent of those surveyed said either a “special sale price” or “overall value for the price” will influence where they shop this holiday. Reliance on sales events also is due to a lack of a must-have item, Cohen noted.
At 49 percent, apparel topped the list of items consumers plan to buy as gifts, followed by toys and movies, at 37 and 29 percent, respectively. Also making the top 10 were accessories, ranked seventh at 20 percent, and fragrances, 10th at 17 percent. Books (27 percent), electronics (23 percent), video games (22 percent), music (20 percent) and food (17 percent) were the other categories in the top 10.
Cohen said the fashion industry could be doing more to help its cause. “This is the least technically advanced industry these days. Add in a lack of color and style changes, and there truly is no excitement being generated. Apparel will be hard-pressed to keep its number-one ranking as most-often-given gift,” he said.
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)