The Discover Annual Holiday Shopping Survey shows holiday spending will increase by about $100 or 12 percent this year to an average of $838.
Nearly one-quarter (23 percent) of respondents say they plan to spend more this season.
Almost half (46 percent) of those surveyed will spend between $100 and $500 while another 26 percent plan to spend between $500 and $1,000. Fourteen percent of consumers plan to spend $1,000 to $5,000, up from twelve percent last year. Not surprisingly, shoppers say they will spend the most on children (42 percent) and a significant other (26 percent).
Other findings in the survey include:
- Fifty-one percent of consumers have set a budget for this holiday season.
- Thirty-five percent of shoppers say they will use credit card rewards to make holiday purchases. Forty percent of women, but only 30 percent of men, plan to use credit card rewards to supplement their shopping. Of those using their rewards to shop, 58 percent say they will use them to buy gift cards.
- Women are much more likely to look for deals: 70 percent of women look for shopping incentives compared to 56 percent of men; and 56 percent of women use coupons versus 41 percent of men.
- Gift cards and cash are the top two items on the wish list for both men and women.
- To find better deals, 75 percent of people will shop around online for better prices. The most important feature when shopping online is free shipping.
- The biggest factor influencing a consumer's holiday spending are the sales and promotions offered by retailers (42 percent). This is more important than a person's household expenses (27 percent) or even their job loss or gain (13 percent).