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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

More Spending, But Not on Gifts, This Holiday Season

NEW YORK (BankingMyWay) -- In the hoopla over holiday spending, there seems to be a gap developing between holiday shopping versus holiday spending, and it may be redefining the American holiday experience.

Here's the deal: While adults may be spending more for the holidays, they're "spreading the wealth" to parties, food, decorations and charity, giving less to actual holiday gifts.

Data culled from the most recent American Express Spending & Savings Tracker, released Friday, shows Americans are more interested in "dining out and looking great" for the holidays than in spending hefty sums of cash on gifts for family and friends. (One exception: Americans are spending more on workplace gifts this year.)

"Economic concerns coupled with an aggressive push by retailers earlier in the season created a unique push and pull between shopper and retailers," says David Rabkin, a senior vice president with American Express. "Americans aren't sacrificing on holiday fun; they're still giving and spending to look great at their holiday get-togethers, but they are relying more and more on deals and discounts to help them stay within their budgets."

One area where Americans are digging deeper into those bank accounts this holiday season is for social events. Amex says revelers are increasing spending on going out to dinner, lunch or brunch, going to a concert or show, and going to a holiday party this year compared with last year.

Americans are also feeling charitable this year. Although 54% of consumers say the brittle economy is forcing them to watch every nickel and dime, 64% say they are putting money aside for charity.

Amex says "primping" is another popular spending target. Budgets for hair stylists, new outfits, manicures and spa treatments are all up this year. In fact, spending has doubled on manicures, waxing and massages from 2012 to 2013.

To save cash on presents, Americans are getting creative, with 73% of U.S. consumers agreeing with the statement that regifting is OK, even though only 32% said they passed along a gift to someone else last year.

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
AAPL $128.46 0.00%
FB $78.97 0.00%
GOOG $558.40 0.00%
TSLA $203.34 0.00%
YHOO $44.28 0.00%

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

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