This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

New Citi Survey Shows That More Americans Say They Are Increasing – And Fewer Decreasing – Holiday Spending In 2013

As Americans check holiday presents off their lists and get ready for the holiday season, more say they will increase spending and fewer say they are cutting back on expenses, according to the results of a recent Citi national survey, conducted by Hart Research. Only 35 percent said they would be spending less than last year, reflecting the lowest level of holiday budget cutbacks since the financial crisis. Sixty-three percent of Americans plan to spend more (11 percent) or the same (52 percent) on holiday shopping this year.

Consumers’ approximated holiday budgets have reached a high in comparison to recent years. Twenty-nine percent of Americans estimate they will be spending more than $1,000 this holiday season, up from 22 percent in 2011. Amongst those planning on shopping for the holidays, Americans will spend an average of $968, up $60 from 2011.

“It’s reassuring to see spending on the rise, since the increase in Americans’ holiday budgets may indicate a more optimistic outlook towards making financial progress in 2014,” said Linda Descano, CFA®, Head of Content and Social, North America Marketing at Citi, and President and CEO of Women & Co., Citi’s personal finance resource for women.

Economic Outlook Hits High Point but Anxiety about Debt and Savings Grows Too

In June 2013, the Citibank Economic Pulse entered positive territory for the first time since its inception in 2009. The sustained rise from -17 in the summer of 2011 to +1 in the summer of 2013 represented a strong sign that the American economy was recovering and consumers were regaining confidence. The Citibank Economic Pulse decreased from +1 to 0 this quarter, reflecting that discomfort with debt and savings levels weighs on consumers’ minds and tempers their positivity.

When asked to reflect on their local economic conditions and personal financial standing, more Americans have a positive outlook. Thirty-seven percent of Americans rate the condition of the economy in their area to be good or excellent, reflecting the highest levels of positivity since the Citibank Economic Pulse began in 2009. Twenty-seven percent of consumers feel that they are better off now than a year ago, up from 20 percent in August 2012. As the countdown to 2014 draws nearer, 69 percent of Americans are optimistic that their personal financial situation will get better in the year ahead.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,674.03 -4.20 -0.02%
S&P 500 2,056.15 -4.90 -0.24%
NASDAQ 4,863.3620 -13.1570 -0.27%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs