Holiday survey: Buyers to spend less, shop later
Port Washington, N.Y.–The NPD Group, a leading market research company, has released the results of its annual survey of consumers’ holiday spending intentions.
The survey reveals that a greater percentage of consumers plan to spend less this holiday season compared with last year, with almost 50 percent of respondents saying that the state of the economy will have a significant effect on their holiday spending. Thirty percent of respondents indicated they plan to spend less this year, compared with 26 percent who indicated the same for holiday 2008.
“That 4 percent increase is certainly a sign of the times,” Marshal Cohen, chief industry analyst of The NPD Group, said in a media release. “On the other hand, that 4 percent is not as dramatic as it could have been. I think consumers will be looking for the right gift, rather than the most extravagant or expensive one. That combined with the soft numbers we are up against from holiday last year, and I think we will see growth, albeit a modest 0.5 to 1.5 percent.”
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