Consumer spending will likely be lower this holiday season, as US households plan to spend an average of $390 on Christmas gifts, compared with last year's estimate of $418, according to the Conference Board Christmas Spending Survey.
The top holiday spenders are expected to be New England households (Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont), which expect to spend an average of $534. The lowest holiday spending is expected in the Mountain Region (Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah, and Wyoming), where consumers intend to spend $332 on Christmas gifts.
Overall Holiday Spending Down This Year
Fewer households plan to spend $500 or more on Christmas gifts this year: 26% vs. 27% last year. Some 35% of households plan to spend $200-500, compared with 37% last year, and 39% plan to spend less than $200 this year, up from 35% in 2008.
Online Buying and Incentives
Overall, consumers are approaching online holiday buying with caution, holding off on big-ticket items and holding out for shopping incentives like free shipping and discounts, according to The Consumer Internet Barometer, a separate survey from the Conference Board and TNS.
Budget-friendly items top consumers' online shopping lists, including books, apparel/footwear, toys/games, and movies/DVDs. The shopping sites preferred most are those operated by online retailers such as Amazon.com. Retail stores and catalog operations such as Walmart.com and BestBuy.com are a close second.
