FOR IMMEDIATE RELEASE November 15, 2024
Contact: Bryan Wachter (775) 771-8969 | Bryan@RANNV.org
Nevada Consumers Expected to Spend Record $6.4 Billion This Holiday Season Holiday Spending in Nevada Expected to Rise by 3 Percent Holiday music is already echoing in stores across Nevada as retailers prepare for a healthy holiday shopping season. Consumer retail sales this holiday season are projected to grow 3 percent to a record $6.4 billion, according to the Retail Association of Nevada (RAN). Nationally, holiday spending was expected to increase between 2.5 percent and 3.5 percent compared to last year, with Americans projected to spend an average of $902 per person, according to the National Retail Federation (NRF). “This year’s projected $6.4 billion in holiday spending highlights the cautious optimism among Nevada’s consumers and the strength of our retail industry,” said Bryan Wachter, Senior Vice President of the Retail Association of Nevada. “Retailers are well-prepared to meet demand with early deals and convenient shopping options, but we know consumers are still navigating economic uncertainties. We’re hopeful this holiday season will continue to show steady growth while delivering value and joy to families across the state.” Consumers are once again prioritizing holiday gift giving, with an average of $641 out of $902 budgeted specifically for gifts for friends and family—up from $620 last year. To meet this rising demand, retailers are anticipating an earlier start to the holiday shopping season, preparing early deals and ensuring ample inventory for in-demand items. This year, 45.0 percent of consumers plan to begin shopping before November, an increase of two percent from last year, motivated by a desire to spread out budgets (59.0 percent), avoid last-minute stress (45.0 percent) and skip the crowds (42.0 percent).
www.RANNV.org
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