Shoppers Spending More on Themselves This Holiday Season — Dollars and Sense
While many analysts predict that holiday shopping will remain on the conservative side yet this year, a new survey suggests that more people intend to give the gift of giving to none other than themselves.
According to a survey by BIGinsight for the National Retail Federation, six out of 10 shoppers plan to spend an average of nearly $140 on to-me-from-me gifts this holiday season, the biggest self-gifting explosion in the history of the survey.
The upsurge in this trend appears to be more prominent in people ages 18-24, with about 72 percent saying they intend to purchase themselves a holiday present this year. “It looks like young adults have the ‘one for you, two for me’ mentality about the holiday season this year, which is surprising, given that this is also the age group that typically doesn’t have the income or ability to splurge,” said Pam Goodfellow, director of BIGinsights Consumer Insights division.
However, holiday shoppers are not all selfish. In fact, the average holiday budget for a single person is about $422 spent on their children, parents and other family members, with around $75 being spent on friends, $24 on co-workers, and $28 on other things like the family pet, according to the survey.
In addition, things like holiday decorations are receiving more attention this year, with the average person spending nearly $52 (up from $50 in 2011) to help them get into the festive spirit. And just in case you do not have any idea what to get those people on your holiday shopping list, gift cards are more than acceptable, with about 60 percent of those surveyed claiming that is what they would like to receive as a gift during the holidays.