Holiday shoppers plan to spend less in 2020, survey finds

National News

(Pixabay)

NEW YORK (WWTI) — Businesses across the country are preparing for the busiest shopping season of the year, but the financial effects of the pandemic are expected to have an impact in spending.

According to a recent survey conducted by STORAGECafe, almost half of holiday shoppers reported that they intend to spend less this year. Additionally, 32% of respondents confirmed that they plan to avoid holiday shopping altogether.

The survey determined that those avoiding shopping or spending less are mostly either worried about the economy or currently have less income or received a pay cut.

Specific findings from the survey include the following.

  • 49% of holiday shoppers plan to spend less in 2020
  • 32% of respondents plan to avoid holiday shopping altogether
  • Americans plan to spend an average of $767 on holiday shopping
  • 40% of respondents intend on spending less than $299 on gifts
  • 6% of shoppers account for “big spender” habits
  • 50% of respondents plan on using monthly income to cover the cost of holiday shopping

The full survey can be found on the STORAGECafe website.

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