Spending Expected to Be Up For the Holidays - Other News


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Spending Expected to Be Up For the Holidays

Spending Expected to Be Up For the Holidays
The content is accurate at the time of publication and is subject to change.

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.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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