| "donkey-proof" (easy to understand) financial tips and deals for|
college students | young adults | travelers | small business owners
Survey: Consumers Plan to Spend Less on 2012 Holiday Shopping
50.7% said they will spend less this holiday season than in 2011
Read more about Credit Card Deals
This year’s holiday shopping season will be a less-than-jolly affair for U.S. retailers according to new survey results by CreditDonkey.com. When asked if they planned to spend more or less on holiday shopping than last year, 50.7% of respondents said less, while 31.5% said more, and 17.8 percent are unsure.
Among those who plan to spend less this year, “shaky” job security and a desire to save money were the most common reasons cited for tighter budgets in CreditDonkey.com’s 2012 Holiday Shopping Survey.
On the bright side – at least for Internet retailers – 54.5% of respondents expect to spend more money this year on Cyber Monday. However, only 41% of respondents said they will take advantage of post-Thanksgiving sales on “Black Friday.” Of those shoppers, 59.5% plan to spend less that day than they did last year.
Given the steady but slow improvement in the U.S. economy compared to last year, we were surprised by the number of people planning to spend less money this holiday season. Even if all of the ‘undecided’ consumers increase their budgets and some of the ‘spend less’ respondents change their minds, a significant percentage of consumers will trim their holiday budgets in 2012.
In other survey results:
61% of those polled said they will use only cash to finance their holiday spending; 11.5% said they will use credit, and 25.4 percent planned to use both cash and credit.
Gift cards may be this year’s most popular gift item: 67.6% of respondents plan to put these on their holiday shopping lists.
Other gifts at the top of shopping lists include:
55.6% of respondents plan to spend under $300 on holiday gifts, and 28.9% plan to spend $400-$599. Just 5.4 % of respondents plan to spend more than $999.
Whatever their current budgets, we think many consumers are underestimating what they’ll actually spend. People may want to spend less than $300, but a substantial number will break those budgets once they get into the ‘spirit of the season’ or find ‘the perfect gift.’ By December 26th, we wouldn’t be surprised to learn that most consumers spent far more than $300.
From October 9 to October 23, 2012, CreditDonkey.com polled 1,125 Americans, age 18 and over, about their holiday shopping plans using multiple choice questions and short-answer questionnaires.
PS: Don't forget to give back in the season of giving with charitable giving.
Editor's Note: Chart "How much do you plan to spend on the holidays this year" is a distribution of what respondents plan to spend. We illustrated the distribution and not a mean because, in our opinion, it provides a better illustration of what is happening, whereas mean can be skewed by outliers. For example, if one respondent is planning to buy a $20,000 car as a gift for christmas, that will skew the 40 other respondents who plan to spend $100 (in this example, the reported mean would be $585).
More Articles in News
Credit Card Deals
more Credit Card Deals
Articles on Survey: Consumers Plan to Spend Less on 2012 Holiday Shopping
This holiday season, many women are facing the dilemma of the year: what should they buy for the man in their life?
If you’ve ever received an absolutely hideous or completely random gift, did you wonder if it had been “regifted”? According to a recent CreditDonkey.com holiday shopping survey, 49.7% of respondents have suspected they have been the second ...
If you've ever wondered what everybody really thinks about regifting and homemade gifts but were too afraid to ask, we did it for you. Our recent CreditDonkey.com survey says that both are widely acceptable gifts. Of course, a lot depends on the ...
What's a friend worth this holiday? Most people plan to spend under $25 on gifts for friends this year, according to a recent CreditDonkey.com survey on holiday shopping trends. Nearly three-fourths of respondents picked that answer over larger ...
Cash is king for holiday shopping this year: 61% of respondents to a new holiday shopping survey by CreditDonkey.com will try to avoid leaning on credit to finance their gift-giving and instead tap the funds they have on hand.
Earlier Black Friday opening times on Thanksgiving evening are not popular with shoppers according to a recent CreditDonkey.com survey. The majority (74.6%) will not be going out on Thursday night to get a head start on Black Friday deals, ...
Just when you think you know what women want, bam. A CreditDonkey.com surveys finds the opposite. While traditionally, jewelry has been a go-to holiday gift item, this year, it came in near the bottom of everybody's gift lists. According to our ...
What do you think about Survey: Consumers Plan to Spend Less on 2012 Holiday Shopping?
You might also be interested in
More Articles in News