While most Americans say they plan on spending about the same on holiday shopping this year as last, researchers at Gallup estimate a slight increase in overall seasonal spending, about 3% over last year.
To make its projections for holiday spending, Gallup researchers conducted telephone interviews on Nov. 19-20, 2014. A random sample of 1,019 adults, ages 18 and up, living within the United States were included in the survey. The sample included 50% cellphone users and 50% landline users.
Gallup pollsters found that American adults anticipate spending about an average of $720 on gifts this year. That’s up slightly from the $704 estimate gleaned in November 2013.
The breakdown of how much people intend to spend, according to Gallup, is as follows:
- $1,000 or more – 25%
- $500 to $999 – 21%
- $250 to $499 – 15%
- $100 to $249 – 19%
- Less than $100 – 5%
- None/Doesn’t participate – 9%
- Not entirely sure – 6%
Gallup conducted a similar poll in October that produced slightly higher average spending estimates than the results found in November. Back in October, poll respondents said they anticipated spending about $781 on average as compared to November’s estimate of $720, a $61 change.
While the drop could signal cold feet among shoppers, it tracks with previous Gallup polls that show October enthusiasm for spending outranks the reality of November.
In 2013, for example, respondents said in October they planned to spend $786 on average for the holidays. By November, that number had dropped to $704.
Even so, the month-to-month estimate change is much more modest than during the height of the recession. The October versus November gap peaked in 2008 when the average anticipated spend in October was $801, but dropped to $616 by November, representing a change of $185.
Gallup researchers also delved into the types of purchases holiday shoppers intended to make. The top five item categories are:
- Clothing – 79%
- Gift cards and/or certificates – 65%
- Toys – 60%
- Books – 51%
- Electronics – 49%
As the holiday shopping season kicks into high gear, retailers are starting to see the bigger picture. Over Thanksgiving weekend, in-store sale decreased while online sales increased.
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