This summer will be a season of open wallets and ringing cash registers, according to new research published by Stamford-based Pitney Bowes Inc.
In a nationwide poll of more than 2,000 adults, respondents stated their product spending will be 9% higher this summer versus last summer. Outdoor-related items are top of the shopping list, with consumers planning to spend 12% more on sporting goods and 9% more on both apparel and footwear and on home and garden products.
However, the bulk of the shopping might be fueled by younger consumers. Among age demographics, Gen Z respondents planned a 33% year-over-year spending increase, while millennials plan for a 19% increase ”“ in comparison, Gen X is only aiming to spend 8% more than last summer and baby boomers a mere 4% more.
The year-over-year increase in summer spending will be higher among urban residents (17%) than their suburban and rural neighbors (5% and 8%, respectively) and among parents versus those without children (15% versus 5%). Mid-income earners are planning for greater spending (12%) compared with lower- and higher-income earners (5% and 11%, respectively)
“This is encouraging and hopeful news for retailers, both because product sales typically experience a decline from spring to summer, and because year-over-year product sales were surprisingly strong last summer too,” said Gregg Zegras, executive vice president and president of global e-commerce at Pitney Bowes.
The full survey has a margin of error of plus or minus 2 percentage points.
