A new Gallup poll found that Americans plan to spend an average of $830 on gifts this season, up from $720 a year ago, in a foreshadowing of solid holiday retail sales.
The $830 tally for gifts also is significantly higher than what consumers have indicated in any November since 2007.
According to the Nov. 4-8 poll,
"30% of U.S. adults expect to spend $1,000 or more on gifts, slightly higher than the 25% in the top-spender category a year ago. About one in five will spend between $500 and $999, 14% will spend between $250 and $499, and 19% will spend less than $250," Gallup reported.
"Just 8% say they don't celebrate Christmas or won't be spending anything, while 7% are unsure how much they will spend," Gallup reported.
Although the average amount all Americans expect to spend is $830, the figure rises to $908 when excluding those who won't spend anything -- or, in other words, when limited to U.S. Christmas shoppers.
Gallup's initial measure of 2015 holiday spending plans, conducted in October, also showed consumers poised to splurge this Christmas, as that month's $812 average spending figure was the highest Gallup had seen in any October since 2007. The consistency between the two months is a bit unusual, as Gallup typically finds Americans scaling back their spending plans between October and November.
Even at the low end, the predicted range of increased holiday spending would be a considerable improvement over the past decade, when retail sales increases have had a hard time exceeding 3%, and even decreased during the worst of the 2007-2009 economic slump.
Meanwhile, experts warn to be very cautious on just what items you decide to purchase. As the saying goes, if it seems too good to be true, it probably isn't true. Or in a shopping sense, it even may be a leftover deal.
Big box retailers are pulling out all the stops to entice holiday shoppers this Thanksgiving Day and the day after, but many deals being packaged as something shiny and new may actually be year-old deals with a 2015 bow on top, according to a new study, USA Today reported.
“This is the fourth year we’ve conducted this analysis, and we’re still seeing repetitive deals every year,” says NerdWallet shopping manager Katrina Chan. “Just because a retailer promotes a certain product as a ‘deal,’ consumers shouldn’t take that at face value. Shoppers still have to do their homework early.”
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