Many Americans have been working on cutting back this year and making their budget stretch farther. There is no difference when it comes to the holiday season. This year, many Americans are planning on spending less this holiday season than they have in the past.
A new poll has been released by Gallop that shows us the average American consumer is planning on spending $82 less this holiday season than they did last year. Last year the average American planned on spending around $770, but actually ended up spending &786. This year however they are only expected to spend $704.
57 percent of the consumers who were asked said they did plan to spend the same amount this holiday season as they did last year. A total of 26 percent said that they plan to spend less this year, while and entire 15 percent, however, said that they are planning on spending more this holiday season.
In 2010 and 2011 the sales in November and December jumped up four percent, which helps the retailer’s bottom line for the year. In 2012 it dropped to three percent, but this year it is only expected to be 2.4 percent. While it is still an increase it is not as large an increase as it has been in the past few years. Experts do expect, however, that consumers will do what they did last year and spend a little more than they planned on spending for the holiday season.
In the coming years experts are expecting that the average amount being spent on the holiday season will go up. Stores are starting their sales earlier and earlier every year and consumers are starting to shop for the gifts the want to give earlier than the year before. The more you stretch out spending the more you typically end up spending overall because you are not doing it all at once. It is able to add up quickly without you even noticing.
While it seems spending will be less this year, we can take comfort in that the coming years spending is likely to go up. It may not go up a lot at one time, but it is likely to increase nonetheless. It is likely that the average consumer this year will spend a little more than they planned on spending, which is the same thing they did last year. This could become a trend that we see every year. We will just have to make it through this holiday season and wait for the next to see.