Survey Shows How Much Consumers Will Curtail Holiday Spending
Here’s a little insight into what shoppers might be doing this holiday season.
According to The Conference Board, a not-for-profit organization in New York that does surveys and makes economic forecasts, U.S. households this season will be spending on average about $418, down from $471.
Only 27 percent of households plan to splurge with more than $500 in holiday gifts.
“This is shaping up to be one of the most challenging holiday seasons in years, and it’s going to take more than the usual discounts and incentives for retailers to get consumers to spend more freely,” said Lynn Franco, director of The Conference Board Consumer Research Center.
Individuals living in Illinois, Indiana, Michigan, Ohio and Wisconsin are expected to spend the most, with the average household budgeting about $550.
Online shopping is still popular, with 39 percent of shoppers saying they plan to click to buy a gift. Books top the online- buying gift list, followed by toys and games and then apparel and footwear.
Other shopping news tidbits include:
bull; Households headed by people 65 and over will spend the most this season, with $469 in their gift-giving budget.
bull; Households headed by people ages 35 to 44 will spend $419 on gifts.
bull; Households with incomes over $50,000 intend to spend $551.
For more information about the report’s findings, see www.conference-board.org. —Deborah Belgum
