Americans Plan To Spend Less This Holiday Season
Estimates for Consumer Holiday Spending Unchanged Since 2010
A national Gallup poll on U.S. holiday spending suggest most Americans estimate they will spend on average no more than about $700 on gifts this year, nearly unchanged from the amount estimated in 2010. More specifically, 33% say they only plan to spend between $100-500.
When asked if this was more, less or about the same amount as last Christmas, roughly twice as many Americans (29%) said it would be less rather than more (15%) on gifts, while 54% said they will spend about the same amount.
In Gallup polls, historically the majority of Americans have always said they would spend about the same on gifts as they did the year before. But Gallup trends show there has been a steady decline in holiday spending since the recession. The average planned holiday spending for Americans was nearly $1000 in 2007, under Gallup.
Bottom line, Americans’ attitude toward shopping reflects the unchanged climate of the economy. Many Americans remain unemployed or working temporary jobs, and don’t have the financial cushion or impulse to splurge on gifts.
Times are hard on both ends. As the holiday season approaches, retailers strategize ways to avoid significant revenue loss. Best Buy announced it would be slashing their holiday staffing in half this year, and Gap, Inc has plans to close nearly 200 stores and head overseas.
Gallup’s results are based on phone interviews with about 1,000 adults, 18 and older. An updated poll will be taken again in November.