Holiday Shoppers Planning to Make a Budget and Check it Twice, According to NRF Survey
–40% of Consumers Plan to Start Shopping Before Halloween–
Washington, October 16, 2008 – In the event that retailers needed yet another reminder that this holiday season will be challenging, consumers are happy to oblige. According to NRF’s 2008 Holiday Consumer Intentions and Actions Survey, conducted by BIGresearch, U.S. consumers plan to spend an average of $832.36 on holiday-related shopping, up a paltry 1.9 percent over last year’s $816.69. This represents the lowest increase in planned consumer spending since the survey began in 2002.
As in previous years, gift giving is the largest component of shoppers’ budgets. This year, the average person will spend $466.13 on gifts for family, $94.52 on friends, $26.70 on co-workers, and $43.50 on other gifts. For the first time in the survey’s history, people say they plan to spend less on gifts for family members ($466.13 in 2008 vs. $469.14 last year). Spending is expected to be particularly weak among young adults, as 18-24 year-olds plan to spend $50 less on gifts than one year ago.
Consumers’ holiday budgets this year also include spending on decorations ($51.43), greeting cards and postage ($32.43), candy and food ($95.04) and flowers ($22.61). While retailers spend the month of October rolling out holiday merchandise and promotions, consumers are standing by at the ready.
According to the survey, 40.2 percent of consumers will start their holiday shopping before Halloween.
For the full report visit: http://www.nrf.com/modules.php?name=News&op=viewlive&sp_id=590
