November 15, 2005
Consumers heading to the mall this holiday season are planning to spend slightly more while shopping for friends and family than they did in 2004.
According to the annual Holiday Shopping Survey conducted by Myvesta, a nonprofit consumer education organization, the average American plans to spend $747 on holiday gifts in 2005, up 4.3 percent from the average of $716 in 2004. 49.5 percent plan to spend $500 or less.
"While the average amount people are planning to spend has risen slightly, this may not turn into a banner year for retailers," said Steve Rhode, president of Myvesta. "Individuals and families are not much better off than they were last year and most do not have the extra cash available to drastically increase their holiday spending."
The survey was conducted November 4-6 in a random telephone survey of 1,000 people. Some other survey results include:
• People in the South will spend the most on holiday purchases this year averaging $847 per person.
• Those in the West will spend the least with an average of $660.
• People in the Northeast plan to spend $720 and those in the Midwest plan to spend $699.
• 12.7 percent of those surveyed plan to spend over $1,000 on their holiday purchases.
• Those aged 35-44 plan to spend $829 on their holiday purchases, the most of any age group.
• Males and females both planned on spending an average of $747.
• Those who are married plan to spend almost 56 percent more than single people.
• Married individuals will spend $848 and singles will spend $545.
