Holiday shoppers will spend $723 on average, down 15 percent compared to last year, said Discover Financial Services in its annual survey.
Last year, shoppers spent $831 on average, and $896 in the 2007 survey.
This year, women plan to spend more than men – $742 versus $702, respectively, Discover said.
Forty-eight percent of the surveyed shoppers who plan to spend less said the economy was “very influential” on their decision this season.
However, worries about personal finances are slightly down this year.
“As the holidays approach, 63 percent of shoppers say they are very concerned, concerned or somewhat concerned about their finances,” Discover said. “This is down from 74 percent who said the same last year.”
Here are other survey results:
- 57 percent say they will purchase less expensive brands, while an equal percentage will seek out special shopping incentives such as free shipping.
- 35 percent say they will wait to shop to take advantage of last minute deals.
- 34 percent say they will reduce the number of people they normally buy for, and 17 percent will “regift.”
- Nearly one in five shoppers said that extra credit card rewards would motivate them in making a holiday purchase.
Discover’s natiional survey was conducted by telephone with 1,008 adults (504 males and 504 females). The research was done November 12-15 by Opinion Research Corporation.
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