A survey by Irvine-based Kelley Blue Book suggests that holiday shoppers are spending a bit less this year, and concerns about the overall economy are weighing heavily on their minds.
Of those polled, 94 percent cite some concern – 27 percent of them say they have concern. Moreover, 55 percent say they are worried about unstable household income, and 38 percent are concerned about paying their household bills.
That could explain the tighter purse strings this holiday season.
Last year, shoppers spent an average of $1,372. This year’s projected average: $1,265. In addition, the number of people planning to spend less than $750 increased from 40 percent to 52 percent. And only 14 percent of shoppers plan on spending between $751 and $1,000.
As for car purchases, the survey findings indicate that 45 percent of those polled are postponing the purchase of their next vehicle. Of that group, 44 percent say they will delay the purchase for seven or more months, and 25 percent cite four to six months.
"The latest Kelley Blue Book Market Intelligence survey data shows that the slow economic recovery is taking its toll on shoppers, not only delaying upcoming vehicle purchases but also dipping into their holiday spending plans," said James Bell, executive market analyst for Kelley Blue Book's kbb.com website.
Kia Optima, Sorento named Best Buys
Seal Beach's Clean Energy inks deal with Hertz
Fisker's electric vehicles roll into China