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Posted at 2:20 PM ET, 11/22/2010

How consumers are spending their holiday dollars

By Danielle Douglas | Capital Business

holidayspending.gif

Despite some trepidation about the state of the economy, consumers are adding a few more dollars to their holiday budgets, while keeping an eye out for discounts and deals.

According to a recent survey conducted by the National Retail Federation, consumers plan to shell out an average $688.87 on holiday-related shopping, a marginal increase from the previous year's $681.83. Much of this year's budget, roughly $393.55, will be spent on gifts for friends and family, with the remaining portion divided among co-workers, decorations, candy and flowers.

Planned spending on family and friends is the highest it has been since before the crash of the market, while the amount spent on gifts for co-workers is about on par with the outlay of 2007. On average, consumers plan to spend a little less on decorations and holiday-related food. Greeting cards and postage expenses are likely to be the same as the year before. Overall, those surveyed, about 8,767 people, were keen on shifting their money toward gifts for their loved ones.

Gift cards are expected to be a favorite among would-be Santas, looking to cover as many friends and family on a limited dime. Clothing and books were high on the wish list among those surveyed by the NRF, as was jewelry.

Even with more to spend, consumers remain sensitive to price points coming out of a recession. Retailers seem well aware of this mind-set and have been more aggressive, and creative, at touting their promotions. Most big-box and department stores started promoting their Black Friday deals the day after Halloween. On average, these discounts knock 20 percent to 30 percent off the list price. Whether that is enough to meet consumers' deal expectations is up in the air.

MORE BLACK FRIDAY COVERAGE:

See Photos: Holiday toy crazes through the years

Read article: Holiday season's must-buy gadgets

User Poll: Are you going to shop on Black Friday?

Full coverage: Black Friday 2010

By Danielle Douglas | Capital Business  | November 22, 2010; 2:20 PM ET
Categories:  Retail  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz   Previous: Black Friday 2010: Word Cloud
Next: EADS' Sean O'Keefe says Air Force bid leak won't affect contest with Boeing to build tanker

Comments

I cut my travel expenses because I don't want to support the anti-American TSA unconstitutional violations of the Fourth Amendment.

I'm spending all the money saved from that on gifts.

Posted by: WillSeattle | November 22, 2010 4:35 PM | Report abuse

I just saw a news item on channel 9 that said that because indians are buying up stuff...
stuff in the states will cost more...
my question is...
because of currency concerns in india and the difference between what we make here and they make there...
are we subsidizing the sale of stuff here for buyers in india...
we do it for healthcare items like mri's...
so how about a little truth...
they post profits in dollars not rubies...
well...

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Posted by: Anonymous | November 22, 2010 7:39 PM | Report abuse

I know payday loans is not a solution for problems but Of course, the greatest advantage of these loans is that they can bring you the much-needed cash almost instantly. In usual circumstances, you can easily get the money directly credited into your checking account the same day from "Nimble Payday" I use them most of the time

Posted by: lauratran | November 23, 2010 10:47 AM | Report abuse

Make sure you increase your Christmas budget this year. With the situation between travelers and the TSA, we'll need to bail out the airlines soon and we won't be able to do that if consumers don't give their money to stores and corporations.

Whatever you do, don't save! In fact, buy a new car, like a GM.

Don't forget to give thanks this weekend to our President and our government for making this a memorable year.

Posted by: hebe1 | November 23, 2010 11:06 AM | Report abuse

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