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To the great surprise of no one, consumers are expected to spend more - 8% more - this holiday season than last, an average of $1,342 in 1998 over $1,233 in 1997.
The American Express Retail Index on holiday shopping reveals that despite recent stock market volatility, 90% of consumers do not expect to adjust their holiday spending budgets downward, but will in fact spend more on gifts and entertaining this year.
If you’re the typical holiday shopper, you might fit one of these profiles:
... 46% of adults will splurge on a family member or friend this year
... men tend to be the most generous gift-givers, out-spending women
... women begin and finish shopping earlier than men, 55% of whom shop at the last minute
... 89% of women and 79% of men are likely to look for sales
... 26% of men take advantage of gift-wrapping services versus only 8% of women
... 72% of consumers will be buying gifts for children this year, 95% of those buying toys
... 60% of shoppers will give stocking stuffers (which will average $18 per item)
... 47% of pet owners will buy a gift for their pet
... 27% will buy a gift for their boss (spending an average of $54) Department stores continue to be the most popular place for holiday shopping, followed by clothing stores, discount department stores and toy stores. Online shopping is expected to constitute 10% of the market this holiday season.
Beginning their holiday shopping as early as late summer, 30% of consumers have begun by September, but 47% will do some shopping on the night before the holiday. Shoppers will use a combination of cash, checks and credit cards to pay for their purchases, with more than half of consumers planning to pay their holiday bills in full when the statement arrives.
