A holiday shopping survey from Citi’s Women & Co. division and women’s lifestyle magazine Real Simple reveals that the majority of women surveyed plan to spend $500 or more during the holiday season this year. One out of three said they would spend over $1,000 on gifts, decorations, food, travel, and other holiday-related expenses.
The survey asked 750 women across the nation about their anticipated spending this season. Most were trying to cut back spending in one area or another, but 60% of respondents said they have no regrets about holiday spending.
Most women have already started their shopping, according to the 2012 Women’s Holiday Shopping Report. Only 11% of respondents are planning to start shopping the day after Thanksgiving – Black Friday. Many reported that their holiday shopping well underway already, with 41 percent starting before Thanksgiving. Twenty-two percent of women say they shop year-round in preparation for the season.
Cooking and entertaining wins
When asked about where they might cut back this year, 42 percent of the women surveyed said they would like to stop exchanging gifts with some people on their lists. The majority said they would rather not skimp on food and entertaining, and would prefer to save on gift-giving. Fifty-two percent said they are exchanging homemade gifts, such as baked goods, to save money this year.
Most women (93%) said they have a set budget for holiday spending. Here is the breakdown by category and the amount respondents expect to spend:
- Gifts – 48% plan to spend at least $500
- Travel – 56% plan to spend at least $100
- Food/Entertainment – 51% plan to spend at least $100
- Charity donations – 57% plan to spend at least $50
If their bank accounts don’t accommodate their budgets, 43 percent of survey respondents said they don’t mind putting the extra charges on a credit card and carrying a little bit of debt. The majority said they would pay off any credit card debt they incur within one month.