When it comes to gifts, regardless of the season, there’s no question that the age old saying “it’s the thought that counts” rings true. But this holiday season, it looks like gift-giving might actually be back in fashion after taking a hiatus the last few years. And from what we can see, shoppers aren’t skimping on presents for others or themselves!
Thanks to a shaky economy, gift-giving has varied greatly from year-to-year since 2008. At the end of 2008, when we first entered into our recession, consumers had to think fast, and think twice, about how to approach spending during the holidays. Spending on gifts from 2007 to 2008 decreased more than eight percent. And in 2009, it was more of the same as the “holiday season of the serious bargain hunter” heated up a competition for customer dollars. By the end of 2010, retailers saw signs of improvement in the economy and in consumer spending, with many holiday shoppers starting to feel comfortable buying gifts like jewelry and electronics again