Christmas can be the most expensive holiday on any family's budget and these 2012 holiday spending statistics predict just how much Americans will be spending at the mall. Up about 10 dollars from last Christmas, the average holiday budget is $749.51 per family with early shoppers spending about 14% more than last minute gift givers. Of that holiday budget, $548.56 is going to gifts, $100.76 on food, $51.99 on decorations, $26.66 on greeting cards and $19.55 on flowers.
That lump sum of cash is coming from several different areas of life with 38% of people using all or some of their personal savings to cover the cost while 17% will need to borrow to afford it all. So, what's the most requested gift this holiday season? 59.8% of people say gift cards.
Key Themes Behind This Trend
- Increased Holiday Spending
- There is a trend of Americans increasing their holiday spending, with budgets averaging at $749.51 per family in 2012.
- Rise in Early Shopping
- Early shoppers are spending approximately 14% more than last minute gift givers, indicating a trend of starting holiday shopping earlier.
- Preference for Gift Cards
- Gift cards are the most requested gift during the holiday season, with 59.8% of people preferring them.
Where This Applies
- Retail
- The retail industry can capitalize on the trend of increased holiday spending by offering attractive deals and promotions to encourage consumer spending.
- E-commerce
- The rise in early shopping presents a disruptive innovation opportunity for e-commerce platforms to provide convenient online shopping experiences and speedy deliveries.
- Greeting Card and Gift Card Industry
- The preference for gift cards indicates an opportunity for the greeting card and gift card industry to collaborate, offering combined products that cater to both personalization and convenience.
