NEW YORK (WWTI) — Businesses across the country are preparing for the busiest shopping season of the year, but shopping trends this year will be greatly impacted by the COVID-19 pandemic.
Over the last eight months, many Americans have been affected financially by the pandemic and this is predicted to impact holiday spending in 2020.
According to a recent survey conducted by STORAGECafe, almost half of holiday shoppers reported that they intend to spend less this year. Additionally, 32% of respondents confirmed that they plan to avoid holiday shopping altogether.
The survey determined that those avoiding shopping or spending less are mostly either worried about the economy or currently have less income or received a pay cut.
Specific findings from the survey include the following.
- 49% of holiday shoppers plan to spend less in 2020
- 32% of respondents plan to avoid holiday shopping altogether
- Americans plan to spend an average of $767 on holiday shopping
- 40% of respondents intend on spending less than $299 on gifts
- 6% of shoppers account for “big spender” habits
- 50% of respondents plan on using monthly income to cover the cost of holiday shopping
The full survey can be found on the STORAGECafe website.