A new survey reveals that the number of people who intend to spend less this Holiday season is some 50% greater than the number of those who intend to spend more. But more will be using the internet.
According to a new study, the NOP Holiday Shopping Forecast, only 17% of consumers plan to spend more this season, while 25% say they will spend less than last year.
The study involving 1,000 US adults revealed that they will spend an average of US$858 on gifts this year, US$71 less than last year. Additionally, shoppers plan to reduce their holiday shopping list from 12 to 11 people.
Online retailers seem set to make substantial gains. There is a 24% increase in the number who intend to shop online this year, up from 21% of the total to 26%.
Despite previously being hesitant to buy clothing online, nearly half (45%) say they will make online apparel purchases: up from 28% from last year. The number who plan to purchase personal electronics online is up from 20% in 2003 to 37% this year.
However, books, movies and videos continue to remain on top of e-Shoppers' gift lists, with 67% planning to buy these items online.
Last minute rush
In spite of the fact that many consumers had said that they intended to start shopping early this year (and there was, in fact, an increase in the number of those shopping on "Black Friday"), it seems that most of the shopping will be done in December and there will be little respite from the usual last minute rush; almost a quarter intend to wait until the week before Christmas to buy their gifts.