Holiday Shoppers Plan to Spend Nearly 10% Less This Year, According to Discover® Card Holiday Shopping Survey
08 Dicembre 2008 - 2:00PM
Business Wire
Discover� Card today released its annual Holiday Shopping Survey,
which assesses consumer spending trends and gift intentions for the
2008 holiday season. On average, shoppers expect to spend nearly 10
percent less this year than in 2007, according to the survey. More
than half (55 percent) of respondents say they plan to cut back. Of
these, 89 percent said the economy had an influence on their
decision to do so. Key survey findings include: On average,
shoppers plan to spend $831 on holiday gifts, compared to $896 in
last year�s survey. Women plan to spend more than men � $965 versus
$705, respectively. In 2007, the average amount people planned to
spend was $896. Forty-five percent of shoppers plan to spend
between $100 and $500 this holiday season while approximately a
quarter (27 percent) anticipate spending anywhere from $500 to
$1,000. In 2007, 42 percent of consumers planned to spend between
$100 and $500 on gifts, and 26 percent planned to spend from $500
to $1,000. As the holidays approach, 77 percent of respondents said
they believed they would stay within their shopping budget. In
2007, the survey revealed that almost three quarters of shoppers
(73 percent) said they would stay within their shopping budget. A
similar number (74 percent) of shoppers say they are very
concerned, concerned or somewhat concerned about their finances.
�The economy is clearly weighing on many minds this holiday season,
and the Discover Card Holiday Shopping Survey reveals that most
shoppers are determined to stick to their budgets even as they hunt
for that extra-special gift,� said Ryan Garton, director of
customer insights for Discover Financial Services. Popular Gifts
This Holiday Season: Discover Card�s Holiday Shopping survey also
highlighted popular gifts and spending categories. Apparel topped
the list for giving and consumer electronics for receiving.
SHOPPERS PLAN TO SPEND THE MOST ON: � � � RESPONDENTS WOULD MOST
LIKE TO RECEIVE: 24% Apparel � � � 23% Consumer electronics 19%
Toys � � � 20% Apparel 16% Consumer electronics � � � 19%
CD�s/books/DVD�s or video games 14% CD�s/books/DVD�s or video games
� � � 13% Home items 11% Home items � � � 10% Jewelry 4% Jewelry �
� � 2% Toys �Holiday shoppers on a budget this year can take
advantage of several ways Discover Card is helping cardmembers
stretch their dollar,� said Garton. �Through January 4, cardmembers
can receive an instant $20 Discover Gift Card when they spend $200
on their Discover Card at 160 participating malls. Online shoppers
can also enjoy savings through Discover Card�s online shopping
portal, ShopDiscover, where they can earn 5%-20% Cashback Bonus� or
Double Miles at top retailers.� Fifty-nine percent of respondents
plan to give someone a gift card this holiday season, and 64
percent said they would be thrilled to receive a general purpose
gift card that would allow them to buy whatever they want. Asked
how they would spend a general purpose gift card, respondents
favored treating themselves to something special (61 percent),
going out to dinner (54 percent) and buying groceries or other
necessities (53 percent). Returning and Re-Gifting Trends When
asked how often they return gifts, more than half of respondents
(58 percent) said they keep most gifts, but every once in a while,
they receive something that they return. Thirty-eight percent said
that they never return gifts. While 18 percent admitted to being
�regifters,� most (48 percent) respondents said they were horrified
by the idea of passing on a gift they had received to someone else.
To see the 2007 Discover Holiday Shopping Survey results, click
here
http://investorrelations.discoverfinancial.com/phoenix.zhtml?c=204177&p=irol-newsArticle&ID=1084754&highlight=
About the Discover Card Holiday Shopping Survey Discover Card's
Holiday Shopping Survey was conducted by telephone with a total of
1,004 nationally representative adults (502 males and 502 females).
The research was conducted from November 13-16, 2008 by Opinion
Research Corporation. About Discover Financial Services Discover
Financial Services (NYSE: DFS) is a leading credit card issuer and
electronic payment services company with one of the most recognized
brands in U.S. financial services. The company operates the
Discover Card, America's cash rewards pioneer. Since its inception
in 1986, the company has become one of the largest card issuers in
the United States. Its payments businesses consist of the Discover
Network, with millions of merchant and cash access locations;
PULSE, one of the nation's leading ATM/debit networks; and Diners
Club International, a global payments network with acceptance in
185 countries and territories. For more information, visit
www.discoverfinancial.com.
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