WASHINGTON, Nov. 21 (Xinhua) -- Growing purchase power of the new generation consumers in the United States could boost the retail industry during this holiday season, according to a survey released on Wednesday.
"43 percent of young adults ages 18-24 and 38 percent of those 25-34 said they would spend more," the National Retail Federation (NRF) and Prosper Insights & Analytics wrote in the survey report.
Matthew Shay, President and CEO of the NRF, also noted that retailers will experience "the growing purchasing power" of young generation during this holiday season.
"Whether they are still in college or raising children, these consumer groups embrace the tradition of prior generations and take full advantage of Thanksgiving weekend deals both online and in stores," Shay said.
The survey also showed that 54 percent of consumers surveyed said that they would spend as much as they did last year, while 23 percent of those said they would spend more.
Speaking of most popular holiday gifts, 59 percent of the consumer surveyed said that clothing and accessories continue to be the best types of gifts, followed by gift cards and toys.
For girls, Barbie topped the list of toys for the fourth consecutive year. On the boys' side, LEGOs were again at the top of the list, according to the survey.
Top payment methods for purchasing holiday gifts remained unchanged this year. 42 percent of shoppers would use credit cards to pay, while 39 percent would use debit cards. Less than 20 percent of consumers plan to pay with cash or checks.
According to the NRF and Prosper Insights & Analytics, 7,516 consumers participated in the survey.
The NRF is a retail trade association based in Washington D.C., representing retailers from the United States and more than 45 countries. Prosper Insights & Analytics is a consumer data analysis company in the United States which focuses on financial services, marketing technology, and retail industries.
