If Legos, Barbies or Hot Wheels are on your child’s wish list, it might be best to get them now. U.S. consumers are projected to spend in a big way this holiday season, and many of America’s favorite toys are in their sights.
The National Retail Federation’s 2024 November Holiday Consumer Survey revealed which toys surveyed shoppers plan to purchase. Hot Wheels, cars, video games and the PlayStation console finished out just below Legos as the five top toys for boys. Barbie, dolls, Legos (again), makeup and Disney toys topped the list for girls.
According to a 1,000-person survey from the Toy Association, 69% of parents plan on cutting corners in their budgets to make sure their children get the most popular toys. Around 72% also said they had toys on their own wish lists.
So just how much are shoppers looking to spend? According to the NRF, holiday spending is expected to grow between 2.5% and 3.5% year over year, rising as high as $989 billion. Individually, shoppers are estimated to spend around $902, with $641 on gifts alone.
Around 54% of 8,135 consumers plan to gift clothes, while 44% will give gift cards. Toys ranked just above video games as the third most expected gift within the NRF survey at 36%. That equates to an average $230.76 for toys.
According to Prosper Insights & Analytics, which performed the survey with the NRF, teen and young adult shoppers are getting a little more creative with their spending.
“Younger shoppers continue to embrace social media for gift ideas, with those between the ages of 18-24 more likely to find inspiration through platforms such as TikTok (28%) and Instagram (27%),” executive vice president of strategy Phil Rist said in a news release. “These shoppers are also more likely than any other age group to purchase jewelry, with 30% planning to gift these items.”
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