Average Family Spending Expected Down For Holidays
The average U.S. household will spend $390 on holiday gifts this year, a drop of $28 from last year's figure. That's according to figures released Monday by the Conference Board.
“Consumers are approaching the holiday season very cautiously,” Lynn Franco, Director of The Conference Board Consumer Research Center, said as part of the announcement.
“Job losses and uncertainty about the future are making for a very frugal shopper. Retailers will need to be quite creative to entice consumers to spend, both in stores and online this holiday season, as consumers most certainly will expect major markdowns and bargains.”