Two-thirds of consumers say they are looking forward to holiday gift-buying, but nearly all (95%) say they plan to stick to their budgets. Gifts aren’t the only things budgeted – parties and travel account for a big chunk of holiday spending.
A survey from Chase Blueprint and Oprah’s O magazine showed that 62 percent of respondents plan to make a budget to keep their holiday spending in check. Sixty-one percent said they will use coupons or take advantage of sales when shopping for gifts.
Presents and Parties
The survey, which was conducted online with a sample of over 2,200 respondents, showed that consumers plan to spend an average of $569 buying gifts and $307 on holiday entertaining this year. Presents will be gift cards or cash for 21% of those surveyed; 18% plan to buy electronics, computers, or video games; and 14% said they will be buying clothing or jewelry.
About one in four people plans to host a holiday party, with an average budget of about $300 for the celebration. Of the party planners, two in five said they would spend between $100 and $249, and 32% said they would lay out somewhere between $250 and $499. Seventy-two percent of them said their guest lists would have less than 20 people on them.
Many people go home for the holidays or take a vacation of some type. A quarter of respondents said they will be taking a trip this holiday season – 61% by car and 34% by plane. As far as spending on travel, 45% said they will spend about the same amount as last year, and 39% plan to pay more. Essential items for holiday travel include mobile phones (37% won’t leave home without them), books (11% said they were must-haves), and magazines (7% will bring them along).