Consumers are looking to spend less when possible, with the average American's holiday shopping budget dropping from $718.98 in 2010 to $704.18 this year, according to data from the National Retail Federation.

To facilitate this goal, they are increasingly looking for promotions and discounts. Nearly six in 10 shoppers said they will take advantage of sales when doing their holiday shopping, the NRF reports. Additionally, they hope to buy a gift or two for themselves – the average consumer hopes to leverage promotions on apparel, electronics, home goods and other items and will spend as much as $130.43 on themselves this holiday season, up from $112.20 last year.

"When it comes to retail growth this holiday season, slow and steady wins the race – and the same is true for shoppers, who are meticulously calculating the best ways to stretch their dollar," said NRF president and CEO Matthew Shay. "Knowing their customers are more focused than ever on value, retailers will entice shoppers with promotions that go beyond discounts."

While the NRF noted individual spending may dwindle approximately $15 compared to last year, several research firms have suggested an overall increase in spending by approximately 3 percent. 

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This entry was posted on Monday, October 24th, 2011 at 5:22 am and is filed under Retail Customer & Business Intelligence. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.