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Survey: 2010 holiday gift spending to rise

Posted by Michael Bloch in ecommerce (Thursday November 18, 2010 )

A survey has found Americans are estimating their holiday shopping spend to be well up on last year.

According to a Gallup poll of 1,025 U.S. adults, Americans currently predict they will spend $714 on Christmas gifts this year, up 11% on last year.

Gallup points out that this figure is still well below the pre-recessionary November forecasts over the last decade. For example, in 2007, consumers said they would spend on average $866. 34% said they will spend less than they did last year.

Still, a $714 average is better than a poke in the eye with a sharp stick and it’s worth noting that Historically consumer estimates of their Christmas spending tend to increase between November and December if history is anything to go by.

Gallup says if the $714 figure is maintained through December, that would result in a roughly 2% year-over-year increase in holiday sales. If the spending increases as it usually does, actual retail sales could improve by closer to 4%, which is more in line with the long-term average.

You can read more of the Gallup Christmas Spending Estimate report here.

I’m not a big fan of the silly season for a multitude of reasons, but I understand it’s a time of the year that some merchants rely on to make a profit after a hard slog for the other 11 months; so best of luck to all in the time ahead.



 

 
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