Twice as many Americans are planning to increase their spending during the 2013 holiday season compared to just three years ago, according to the Discover Holiday Shopping Survey commissioned by Discover Financial Services. Half of Americans plan to spend between $500 and $5,000, compared to just 40 percent who planned to spend that much in 2012.
In addition to the positive spending shift, consumers are also shifting how they plan to shop, as evidenced by the growing role of technology. The vast majority of consumers, 84 percent, say they will shop both in-store and online, up from 60 percent in 2012. In addition, 51 percent plan to use a smartphone app to compare prices and 31 percent say they would use a mobile wallet for their purchases.
2013 Holiday Shopping Figures: Consumers Are Geared Up to Spend
This holiday season, Americans plan to spend an average of $1,014, a 20 percent increase over 2012. The percentage of consumers who plan to increase their spending has doubled since 2010, from 13 percent to 27 percent. Men are particularly bullish about shopping, as their spending plans have increased by 15 percentage points since 2010 to 31 percent. In comparison, 22 percent of women will spend more this year, an increase of 12 percentage points since 2010.
More than half, 52 percent, have a budget for the holiday season. Women with a budget slightly increased in number from last year, 55 percent compared to 53 percent, while men with a budget slightly decreased, at 48 percent compared to 50 percent.
Thirty-one percent of consumers plan to spend between $500 and $1,000 on holiday shopping, up 5 percent from 2012. Nineteen percent of consumers plan to spend between $1,000 and $5,000, also up 5 percent from 2012.
Key Spending Drivers
As consumers consider the factors most likely to influence their holiday spending, retailer’s sales and promotions take the lead, followed by household expenses and existing debt obligations:
- Retailers’ sales and promotions, 44 percent
- Household expenses, 27 percent
- Existing debt obligations, 14 percent
Americans plan to spend more at restaurants than on apparel this holiday shopping season. Exactly half of consumers plan to spend between $100 and $500 at restaurants. Eighty percent of shoppers plan to spend less than $500 on apparel, comprised of 40 percent who plan to spend less than $100 and 40 percent who plan to spend between $100 and $500.