The recession, as painful as it is for those who’ve lost jobs and are struggling, may have a silver lining. That’s this: a fair number of consumers are consuming less and saving more, according to several holiday surveys completed over the past few months.
A sampling of results:
- Nearly four out of five (78.6 percent) of respondents to the American Pulse survey by BIGresearch said that they are spending less. What’s more, 61.5 percent are paying off debt and 34 percent are saving the money they’re not spending. The figures are from the October 2009 survey.
- When it comes to holiday gifts, nearly one-quarter (24.9 percent) of those participating in the NRF’s 2009 Holiday Consumer Intentions and Action Survey, also conducted by BIGresearch, will pay with cash. That’s up about nine percent from 2008. What’s more, about 42 percent will pay with check or debit cards, up slightly (2.5 percent) from 2008. That leaves 28 percent who are likely to rely on plastic, down from 32 percent. About four percent will use personal checks.
- Once consumers get to the malls, whether virtual or real, they’ll be on the hunt for bargains. Nearly nine out of ten respondents to the Accenture Holiday Shopping Survey won’t part with their cash unless they can find a discount of at least 20 percent. In fact, one-third of respondents plan to buy mostly or all discounted items. What’s more, 63 percent are setting a holiday budget, up from 54 percent in 2008.
- Respondents to another survey, the annual study of consumers’ holiday spending intentions by NPD Group, are similarly focused on deals and discounts. Forty-five percent said they will comparison shop — a five-year high, NPD Group reports. In addition, 62 percent said they will look at overall value for the price when deciding where to shop. That tops the 50 percent who said they’re looking for convenient locations, and the 45 percent who are focused on product quality.
- Not surprisingly, 84 percent plan to spend less on gifts than they did last year. That’s according to an October poll of 1,000 adults by Context-Based Research Group and Carton Donofrio Partners. Of those, 43 percent say they strongly agree with the statement that they will spend less. Equally important, about one-third of respondents said they plan to volunteer this holiday season, while more than three-fourths will spend more time with friends and family.
Hopefully, this focus on smarter spending will be sustained. That would be something to be really thankful for.
Happy Turkey Day!