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 Are Your Holiday Shopping Plans in Line with 2002 Trends? Although U.S. shoppers foresee a modest increase in their total holiday expenditures in the coming weeks, nearly half (48 percent) of those surveyed in a recent American Express Retail Index on holiday shopping say the word “practical” best describes their gift-giving style this year. The American Express Retail Index on holiday shopping was conducted by telephone between October 11 and October 18, 2002, as part of an omnibus study and surveyed 800 heads of households, age 18 and older. The Index looked at spending, buying attitudes, shopping trends and preferences among the general consuming public. The margin of error is +/- 3.5 percent. Those surveyed say that their average household holiday budget will rise 5 percent this year, total holiday spending is expected to be $1,656, a modest increase from the $1,564 projected in 2001. “Consumers appear willing to spend money this holiday season, but with an eye towards deals and bargains,” said Paul Dottle, senior vice president, Retail Industries, American Express. “Retailers that can deliver the most value to these shoppers will be the big winners this year.” Looking for Value The American Express Retail Index shows that more shoppers this year -- 65 percent, up from 60 percent last year -- are setting budgets for their purchases. And new evidence suggests shoppers are waiting and watching for sales and special promotions. Significant numbers of consumers (86 percent) say sales will drive their shopping decisions. Internet shoppers, in particular, are looking for bargains. Of those consumers who say they will make purchases online, 95 percent indicate that they will be looking for bargains. Another indication of this trend toward thrifty and prudent shopping is the rising number of early bird shoppers, those who began holiday shopping right after last year’s season had ended. This group has nearly doubled this year to 11 percent, up from 6 percent in 2001. January and February are typically times when consumers can pick up bargains. Though consumers will be searching for bargains this holiday season, most (61 percent) say the economy will not influence their gift-buying decisions. Less than a third (30 percent) say the economy will have a negative effect and, as a result, they will budget less this year than last. Popular Gifts for 2002 According to the American Express Retail Index, clothing and accessories top most gift givers’ lists, cited by 89 percent of shoppers, the same percentage as last year. Other popular gift items include gift certificates, cash or gift cheques (72 percent), music, tapes, CDs or DVDs (70 percent), toys and games (66 percent), perfume and cologne (53 percent), and books or magazines (51 percent). For the most part, the survey results showed, the gifts that consumers want to receive for the holidays are comparable to those they plan to give. November 28, 2002
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