U.S. shoppers, anticipating promotional deals from retailers, plan to spend slightly less on gifts this year, according to The Conference Board.
Shoppers will spend an average of $449 on holiday gifts this year, down 3.6% from last year’s average of $466.
“While it appears consumers have a little less Christmas cheer heading into Thanksgiving this year than last year, it may very well be that their more frugal budget is merely an anticipation of a holiday season filled with bargains, discounts, a little midnight madness and a desire to spend wisely,” said Lynn Franco, director of The Conference Board Consumer Research Center, in a statement.
The board’s November survey of 5,000 households, conducted by research firm TNS, found that about 31% of households will spend $500 or more; 36% will spend between $200 and $500; and 33% will spend less than $200.
Older consumers will spend more: an average of $508 for shoppers aged 55 to 64, followed by $478, on average, for shoppers 35 to 44, per the survey.
About 35% plan to buy some gifts online, up from 33% a year ago.
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