Consumers Ready to Spend During Holidays
GDA Staff -- Gifts and Dec, 11/15/2012 5:45:24 PM
NEW YORK - Americans are expected to spend an average of $521 on gifts this holiday season, according to the Conference Board.
Nearly 10 percent of consumers said that they plan to spend more on holiday gifts this year, up from 7 percent last year, according to the report, while approximately 31 percent plan to spend less than last year, down from 40 percent a year ago.
"As the holiday season approaches, consumers appear to be in better spirits than last year," said Lynn Franco, director of economic indicators, The Conference Board. "Our survey results show a slight boost in holiday spending intentions. Retailers are cautiously optimistic that this holiday shopping season will be better than last."
The report also found that consumers will be searching for bargains this holiday season. More than one-third said that they expect more than half of their purchases to be on sale or discounted. Nearly 70 percent expect to purchase a portion of their holiday gifts online, while about 20 percent say more than half of their gifts will be purchased online.
The survey of holiday gift spending intentions was conducted for The Conference Board by Nielsen in October.
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