Fifty-seven percent of New Yorkers plan to spend about the same this year as last on holiday gifts while 31 percent plan to lessen their spending and 9 percent intend to spend more according to a statewide survey of consumers by the Siena College Research Institute (SRI).
Just over half, 51 percent, plan to hold their gift spending under $500, while 24 percent have budgeted $1000 or more, and a quarter of New Yorkers intend to spend between $500 and $1,000 this holiday season, according to the survey.
“With most New Yorkers saying that their finances are about the same as a year ago, it’s not surprising that a majority hopes to keep holiday spending about the same,” said Don Levy, SRI director.
“Still, with over sixty percent at least somewhat excited about the holiday season and overall consumer sentiment up slightly from a year ago, and appreciably from 2014, spending may well exceed best-laid plans,” he added.
“By two-to-one New Yorkers say that, as much as they can, they will buy practical gifts more than splurging on special items. While we won’t be wrapping up coal, it is more likely we’ll see needs, rather than wants, under the tree,” Levy said. “And, as a sign that consumers hope to stay within their budget, over eighty percent plan to pay now rather than let the bills extend well into 2017.”
The survey said 66 percent of New Yorkers plan to conduct at least some of their shopping online this year. Nearly 20 percent of all state residents and a quarter of younger residents as well as 30 percent of those earning at least $100,000 a year will do at least 75 percent of their shopping online.