Curious About Other's Holiday Spending?

Maybe this is the year. You set a budget for holiday spending and plan to stick to your guns. But the endless barrage of seasonal sales and promotions can make even the most budget-conscious consumer waiver. Chances are you aren’t alone, and perhaps there is comfort knowing where your shopping habits and final total tallies up to others.

What the Experts Say

According to a recent survey by the National Retail Federation, the average consumer is projected to spend $1,007.24 on holiday purchases this season – up 4.1 percent from last year. The three main spending categories - gifts, at $637.67; non-gift holiday items such as food, decorations, flowers, and greeting cards, at $215.04; and other non-gift purchases, at $154.53.

“Consumers are confident and eager to purchase for their loved ones, and that’s a good thing,” said Meredith Ritchhart, Team Lead at Town and Country Bank. “The economy is in a good place and when you combine that with the various deals available and convenient online shopping, it’s no surprise to see an increase in spending.”

How do consumers shop?

The more than 7,000 adults surveyed also indicated what they want and where they plan to shop.

Gift cards are at the top of the preferred gift list requested by 60 percent of those surveyed. Clothing and accessories are a close second followed by entertainment (books, movies, and music), personal care or beauty items, sporting goods, and home-improvement items.

Convenience and variety dictate where consumers plan to spend, and online shopping and department stores still reign supreme. Discount stores also ranked high followed by grocery store purchases, clothing stores, and electronic stores.

“For a medium-sized city, Springfield provides consumers with almost limitless options,” Ritchhart said. “Between the mall, several discount stores, and even locally-owned specialty stores, there’s something for everyone.  And that’s what consumers want.  They will look for a quality product at the best deal possible whether that’s in a store or online.”

Whether you’ve finished shopping under budget, already blown past that designated amount, or are still contemplating gift ideas – just remember to slow down and also appreciate the true spirit of the season. Family, friends, and doing good things for others. And on that, you can’t put a dollar amount.