Report: Households to Curb Holiday Spending
New York City U.S. households are expected to spend an average of $418 on gifts during the holiday season, down from last year’s estimate of $471, according to a report by The Conference Board.
The report also found that top holiday spenders would be East North Central households, such as those in Illinois, Indiana, Michigan, Ohio and Wisconsin, who intend to spend an average of $550.
The lowest holiday spending will be in the West South Central region, including Arkansas, Louisiana, Oklahoma and Texas, where consumers intend to spend an average of $330 on Christmas gifts.
Only 27% of all households intend to spend $500 or more on Christmas gifts, down from 33% last year. Thirty-seven percent plan to spend $200-$500, and 35% are planning to spend less than $200.
In addition, about 39% of all consumers are expected to buy holiday gifts on the Internet, the report said. Books top the list of online holiday buying, with 38% saying they will buy books as gifts. Toys and games came in second with 36% of consumers intending to purchase these gifts online. Apparel and footwear rank third as online Christmas buying choices, followed by movie videos and DVDs.
Of the 41% who said they purchased holiday gifts last year on the Internet, 94% said they were satisfied with their online-buying experience.
Households headed by individuals 65 and over intend to spend the most this season, with a $469 average spending budget, the report found. Households headed by those aged 35-44 intend to spend $419 on gifts, while those with an income over $50,000 intend to spend $551 for holiday gifts.