Consumers' Holiday-Gift Spending to Drop This Year, Survey Says
U.S. consumers will spend about 2 percent less on gifts this holiday season as shoppers remain concerned about a weak economy, the Consumer Electronics Association estimated, citing an annual survey.
The average consumer will spend $750 on holiday gifts, the industry trade group said today in a statement. A third of the survey’s respondents said they planned to reduce spending for reasons related to unemployment, the association said.
“While the recession officially ended a year and half ago, consumers remain very cautious,” Shawn DuBravac, CEA’s chief economist and director of research, said in the statement. “Worries remain over the economy and employment picture.”
Electronic gadgets ranked as the most-sought gift, with shoppers expected to spend $232 each on average, a 5 percent increase from last year and the highest amount since tracking began in 1993, the Arlington, Virginia-based CEA said.
The telephone survey of 1,003 adults was conducted Sept. 24-27, and has a margin of error of plus or minus 3.1 percentage points, the association said.
Separately today, the National Retail Federation estimated a 1 percent increase in per-consumer shopping, to $688.87. The survey was conducted for the Washington-based trade group by BIGresearch. Of the total, $518.08 will be spent on gifts, a 2.1 percent increase from 2009.
To contact the editor responsible for this story: Anthony Palazzo at firstname.lastname@example.org
Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.