10.20.15
CivicScience recently asked US adults how much they expect to spend this holiday season compared to last, and holiday spending plans aren’t looking too promising. In fact, from the more than 2,500 consumers the group asked in late September to mid-October 2015, 13% plan to spend more this year while more than double that (28%) plan to spend less this year than the previous year.
The survey revealed that 45% of adult consumers plan to spend the same amount and 15% don’t plan on doing any holiday shopping this year.
According to CivicScience, what is surprising is that those who plan to spend less this year are women. They are likely to be middle aged or older women, who are more likely to have children in college. Reduced spenders are also more likely to have a negative outlook on their personal financial situation and believe it’s a bad time to make a major purchase.
But it may not be all bad news for retailers. The CivicScience and Hamilton Place Strategies Economic Sentiment Index (ESI), which is produced every two weeks and shows overall confidence in the economy, is slightly higher than it was a year ago.
The survey revealed that 45% of adult consumers plan to spend the same amount and 15% don’t plan on doing any holiday shopping this year.
According to CivicScience, what is surprising is that those who plan to spend less this year are women. They are likely to be middle aged or older women, who are more likely to have children in college. Reduced spenders are also more likely to have a negative outlook on their personal financial situation and believe it’s a bad time to make a major purchase.
But it may not be all bad news for retailers. The CivicScience and Hamilton Place Strategies Economic Sentiment Index (ESI), which is produced every two weeks and shows overall confidence in the economy, is slightly higher than it was a year ago.