Holiday Shoppers to Spend More Than Last Year, Buy Fewer Gift Cards

According to the International Council of Shopping Centers, 70% of shoppers said they plan to spend the same or more than last year on holiday shopping.

Consumers expect to spend about $677 on holiday-related items this season with $559 going towards gifts and $118 going towards other holiday-related items.

The highest income group ($100,000+) will spend about 2.5 times more on holiday purchases than the lowest income group (less than $35,000).

A change in the number of people to purchase gifts for and a change in holiday budget (regardless of job status or income), were the two main reasons for a shift in expectations.

19% of consumers attributed a spending shift to a modification in job status or income.

Electronics will be the most popular gift this year, 52% said they would purchase them. Last year, 27% of consumers said they would purchase electronics.

Apparel, came in second at 49%, a slight uptick over 2013 (43%).

45% of shoppers said they would purchase gift cards, down from 60% last year.

81% of respondents said they would be decorating for the holidays this year. Half said they plan to decorate before the end of November. Nearly 30% said they would decorate over Thanksgiving weekend.