In each of the 12 months since March 2020, the average amount spent per shopping occasion has been between 13% and 29% higher than the same month in the prior year, according to a survey by the NPD Group. Those new spending levels have held relatively steady since March 2021.

The increase is partially due to a general shift toward online purchasing, where average selling prices and the amount spent on each transaction already tended to be higher, the survey said.

"Fewer shopping trips to limit in-person contact at retail stores, combined with supply-chain challenges making fewer products available, means consumers are more willing to spend more now to get the products they need," said Marshal Cohen, retail chief industry advisor for NPD. "This dynamic alters the traditional cadence of product seasonality and creates less price sensitivity."

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.