The family is America’s No. 1 priority when it comes to holiday spending
Nov 26, 2014, 11:14 AM | Updated: 11:41 am
Savvy shoppers know that Yuletide celebrations are just around the corner, and they already have plans to save, but that doesn’t mean they’ll skimp on a gift for their great-aunt’s new hubby. Americans plan to spend 76 percent more on their family members than they do their pets, friends and co-workers combined, according to a recent poll by the National Retail Federation.
Holiday retail sales are expected to increase by 4 percent this year, according to the NRF’s survey and Gallup’s latest poll, but that doesn’t mean Americans are ignoring their budgets. More than 80 percent expect to spend less or the same as last year, according to PwC, a business consulting company. The NRF reports that 57 percent say they’ll discount-shop for non-gift purchases, and the PwC says that 84 percent will use price to determine where they buy gifts.
Unsurprisingly, shoppers will spend the most on gifts. According to the NRF, shoppers plan to spend about $804.42 each on the holidays this year, $596.53 of which will be spent on gifts. Seventy-six percent of the gift-giving dollars, however, will go to family members, proving that America really does care about the family — at least around the holidays, that is.
