Consumers in a frugal mood this holiday season

U.S. households are expected to spend an average of $497 on gifts this holiday season, The Conference Board reported. Only 7 percent of consumers said they plan to spend more on holiday gifts this year, while approximately 40 percent plan on spending less than last year.
 
The survey of holiday gift spending intentions, based on a probability-design random sample, is conducted for The Conference Board by Nielsen, a leading global provider of information and analytics around what consumers buy and watch. The survey was conducted for The Conference Board in October.
 
“As the holiday season approaches, we once again find consumers in a frugal mood,” said Lynn Franco, director of The Conference Board Consumer Research Center. “With the overwhelming majority of consumers expecting to spend the same or less than they did last year, it’s not surprising that they expect a large share of their purchases to be on sale or discounted.”
 
Consumers will be heading to the malls and online searching for bargains. Four out of 10 holiday shoppers say they expect more than half of their purchases to be on sale or discounted. An additional three out of 10 expect a quarter to half of their purchases to be discounted.
 
Close to two-thirds of consumers expect to purchase a portion of their holiday gifts online, with about 15 percent saying more than half of their gifts will be purchased online. 
 
About The Conference Board: The Conference Board is a global, independent business membership and research association working in the public interest. Its mission: To provide the world’s leading organizations with the practical knowledge they need to improve their performance and better serve society. The Conference Board is a non-advocacy, not-for-profit entity holding 501 (c) (3) tax-exempt status in the United States.