Last-minute shoppers plan to be out in force this holiday season. A survey of shoppers by American Express Co. (NYSE: AXP). The survey indicates that 84% of shoppers haven’t finished yet and more than a quarter of shoppers are spending more this year.
Longer gift lists, more expensive items, and personal purchases are the drivers of the spending boost. According to the survey, some 43% of shoppers are also planning to make a purchase the day after Christmas.
In American Express’s release, the company notes that the sample included 2,031 adults in the general US population, “as well as two subgroups — the affluent and young professionals.”
That sounds about right. After all, the affluent have always had plenty of cash, so it’s about time they spend some of it. And young professionals are a high-spending bunch most of the time anyway. These are the people who use American Express cards and they are the customers that American Express wants to keep track of.
A survey done by First Command Financial Services in late October, indicated that middle-class families planned to reduce spending this holiday season by an average of $300, with almost 40% planning to spend $400 less than they did in 2009.
The middle-class group expects to set a gift limit of $60. The average child of a parent in the American Express survey can expect gifts worth $341. The middle-class gift givers also planned to shorten their gift lists, give fewer gifts to each person on the list, and to buy from discount stores.
As First Command puts it, “Belt tightening behaviors are now a part of the fabric of our holiday celebrations.”
That depends on who you ask. Ho, Ho, Ho.
Paul Ausick
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