The Conference Board Consumer Research Center is expecting U.S. consumers to be more frugal this holiday season. According to a survey that was conducted for The Conference Board by Nielsen, U.S. households are expected to spend an average of $497 on gifts this holiday season. Only 7 percent of consumers said they plan to spend more on holiday gifts this year, while approximately 40 percent plan to spend less than last year.
Bargains will also be on consumers’ minds for the holidays. Four out of 10 holiday shoppers expect more than half of their purchases to be on sale or discounted. An additional three out of 10 expect a quarter to half of their purchases to be discounted. Additionally, almost two-thirds of consumers expect to buy some of their holiday gifts online, with 15 percent expecting to purchase more than half of their gifts online. The survey was conducted in October.