U.S. households are expected to spend an average of $471 on gifts during the holiday season, up from last year's estimate of $449, The Conference Board reported Tuesday.
The Conference Board is the world's preeminent business
membership and research organization, best known for the Consumer Confidence Index and the Leading Economic Indicators. For more than 90 years, it has equipped the world's leading corporations with practical knowledge through issues-oriented research and senior executive peer-to-peer meetings.
The survey of Christmas gift spending intentions covers a nationally representative sample of 5,000 U.S. households. It was conducted for The Conference Board in November by TNS, the world's largest custom research company.
"Consumers are in a festive mood heading into the Thanksgiving holiday," says Lynn Franco, director of the Conference Board Consumer Research Center. "And, it appears they are willing to spend more than last year, though retailers can still expect a fair share of bargain hunters will be lining up for the traditional kickoff this Friday."
The top Christmas spenders will be East South Central households (Alabama, Kentucky, Mississippi, Tennessee) who intend to spend $583. Lowest Christmas spending will be in the West North Central region (Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, and South Dakota) where consumers intend to spend $397 on Christmas gifts.
One-third of all households will spend $500 or more on Christmas gifts, with 35 percent spending $200-$500 and the remaining 31 percent planning to spend less than $200.
This year, 38 percent of all consumers will buy Christmas gifts on the Internet, the same percentage as a year ago. Books top the list of online Christmas buying, with 40 percent saying they will buy books as gifts. Apparel and footwear came in second with 39 percent of consumers intending to purchase these gifts online. Toys/games rank third as online Christmas buying choices, followed closely by movie videos and DVDs.
Of the 38 percent who said they purchased Christmas gifts last year on the Internet, 91 percent said they were satisfied with their online buying experience.
Other key findings in The Conference Board survey:

• Households headed by individuals 45-54 intend to spend the most this year, with $485 the average expenditure.
• Households headed by those aged 35-44 intend to spend $479 on gifts.
• Households whose incomes top $50,000 intend to spend $612 for Christmas gifts.
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