A recent survey shows that many consumers are planning on cutting back on holiday shopping this year as managing money becomes more important in a difficult economy.
The Conference Board’s poll shows that the average amount American households plan on spending on Christmas gifts during the holiday season is $390, which is less than the $418 they said they would spend during last year’s survey.
Lynn Franco, director of The Conference Board Consumer Research Center, said that many households are being cautious when it comes to how much they spend on holiday gifts.
“Job losses and uncertainty about the future are making for a very frugal shopper,” Franco said.
Regionally, New England posted the highest average spending amount for households, coming in at $534. States along the Rocky Mountains showed the lowest average at $332 per household.
The Conference Board’s survey is not alone in predicting a down holiday shopping season for this year. For example, the National Retail Federation predicts that holiday shopping will be down 1 percent when compared to last year’s season.