Data from the latest The American Express Spending & Saving Tracker survey has been released which indicates that the average American holiday shopper can be expected to spend in the neighborhood of $831 on gifts this season. That figure is 17% greater than the average amount spent last year, which was $710.
The National Retail Federation has estimated that the average amount that Americans will spend this holiday season is roughly $520 per shopper, while the American Affluence Research Center has predicted that affluent consumers can be expected to spend around $2,270 when purchasing presents. These amounts were both lower than last years` numbers, however both the NRF and the AARC believe that more Americans will be out shopping this year as compared to in 2010.
The American Express survey found that the vast majority of shoppers will be on the lookout for discounts and deals, and many plan to shop during Black Friday and Cyber Monday in order to take advantge of some of the tremendous savings offered by retailers.
“Consumers are savvier than ever, and they have memorized the holiday retail narrative. We`re continuing to see consumers employ a range of tactics to stay within budget and, at the same time, maximize their gift-giving potential,” said Pam Codispoti, an executive in the consumer car services division at American Express as reported by Fox Business.
Many of the respondents that participated in the American Express survey claimed that they would not take money out of their savings so that they could put it towards gifts. Instead, 28% plan to redeem their credit card rewards program points to obtain gifts when possible while 19% anticipate taking advantage of offers, deals and sales extended through various social media outlets. The survey also discovered that 25% of participants will utilize their cellular phone or mobile device to assist them in holiday shopping for purposes such as browsing for gift inspiration, comparing prices and accessing social media sites in search of special deals. Meanwhile, 6% indicated that they foresee making a purchase via their mobile device.