Women are more likely than men to participate in a variety of cost-saving strategies for their holiday shopping this year, according to the November 2010 American Express Spending & Saving Tracker.
9 in 10 Women Look for Ways to Save
Most consumers will look for ways to save money on holiday shopping this year (84%), particularly women (90%) compared to men (77%). The most popular ways they will do so are shop for sale/clearance merchandise (77% of women compared to 55% of men), clip coupons (67% of women compared to 46% of men), buy only for people on their list (53% of women compared to 43% of men), and re-gifting (16% of women compared to 9% of men).
In addition, the majority of consumers will pay using money they have (64% cash/check) or plan to repay immediately (32%) thereafter.
100% of Women Plan to Holiday Shop
One hundred percent of women surveyed plan to shop for the holidays this year, compared to 88% of men. Gift Cards remain the most popular item consumers will give this holiday season (53%). Other popular items on gift lists include:
- Clothing/accessories (50%).
- Toys and games (36%)
- Electronics/Gadgets (34%).
- Books (31%).
- Music (29%).
Average Consumer Will Spend $710 on Gifts
The average American will spend $710 on holiday gifts this year with that figure nearly doubling to $1,384 among those who earn $100,000 or more per year. One-fifth (20%) of consumers say their most expensive gift purchase will fall in the electronics and gadgets category, with an average cost of $316.
While 51% of consumers say they will finish holiday shopping at least one week before Christmas, 5% anticipate shopping up to Christmas Eve. Also, almost half (43%) of shoppers will buy a personal item while shopping for others, and this trend is significantly higher among young professionals (63%).
Charitable Giving Up From Last Year
Two-thirds (67%) of consumers will make charitable contributions this year, up from 63% last year. Eighty percent of those earning more than $100,000 annually plan to make a charitable contribution. Most categories saw a lift in intentions to give back:
- Donating money to an organization (41% compared to 36% in 2009).
- Purchasing gift or grocery items for the needy (31% for both years).
>NRF: Average Holiday Spending Rises 1%
Average holiday spending is expected to climb about 1%, from $681.83 to $688.87, according to National Retail Federation (NRF) data. This year’s average represents a slight 0.8% dip from the 2008 average of $694.19. However, holiday sales are down a marked 9% from $755.13 in 2007. December 2007 is generally considered the starting point of the current worldwide recession.
About the Data: The American Express Spending & Saving Tracker research was completed online among a random sample of consumers aged 18 and older. The research sample of 2,001 adults surveyed the general US population, as well as two sub-groups; the affluent and young professionals. Interviewing was conducted by Echo Research between October 18 and October 22, 2010.
