Consumers expect to be reach deeper into their wallets this holiday season, according to Discover. Nearly half of respondents said that they will be spending between $500 and $5,000.
More people are looking to get out and shop on Black Friday and Cyber Monday, according to the survey
Spend, spend, spend
On average, the amount consumers plan on spending is up 20% from last year to $1,014, with men leading the field when it comes to spending more. Nearly a third (31%) said they will be increasing their budget compared to 22% of women that say their spending will be up.
How much they will be spending is based on three main factors – sales and promotions (44%), household expenses (27%), and how much debt they have (14%).
Just over half (55%) will be using cash to pay for purchases, while 29% will be using credit cards. Reward points play a role in shopping this season, with 40% of consumers indicating that they will be cashing in points to save money.
Technology makes shopping easier
Technology is having an impact on shopping patterns with 84 % of respondents reporting they will be shopping online, as well as in stores. This is a change from last year, when 60% divided their shopping between online and in-store venues.
People will be doing their research ahead of time whether they are shopping online or in person, using social media, retail websites, news sites and newspapers, to make sure they get the best deals. The top shopping categories reported are electronics (87%), clothing (71%), toys (58%) and jewelry (30%).
Apps are also part of holiday shopping plans. Just over half (51%) will be using them find the best price, and 31% will be will be reaching into their virtual wallets along with their real ones to buy gifts and celebrate.
Those hot button shopping days getting traction
Black Friday and Cyber Monday offer consumers big savings. This year, 70% of survey takers plan on doing at least some of their shopping on one of those days, with a third planning on getting most of it done then.
The Discover Annual Holiday Shopping Survey took place between Sept. 24 and Oct. 22, 2013. This online survey includes responses from 1,005 adults, evenly split between men and women.