LOS ANGELES, Oct. 5 /PRNewswire/ -- PriceGrabber®, a part of Experian, just released its first Holiday Consumer Spending Insights consumer behavior report, which includes survey responses from 2,103 online consumers collected between Aug. 20 and Sept. 6, 2010. Survey data reveals that consumers overall are more optimistic about holiday shopping year over year, but there are significant differences in the spending patterns of men and women.
Men are more optimistic than women regarding cutting back on holiday spending
Survey data reveals that 48 percent of consumers are planning to spend less on 2010 holiday purchases, compared with 53 percent in 2009 and 71 percent in 2008. While consumers overall demonstrate slightly optimistic attitudes in year-over-year holiday shopping trends, survey data also indicates a difference in the anticipated spending behaviors for men and women. Forty-four percent of men indicate they plan to spend less, and 54 percent of women plan to spend less.
Reduced male spending results from the economic outlook; reduced female spending results from the cost of necessities
Of the male respondents who plan to spend less on holiday shopping this year, 51 percent cited lack of confidence in the economy as a reason for cutting back. Fifty percent of men cited making less money this year as a reason for cutting back, and 39 percent cited an increase in the price of necessities (gas, food, etc.). For the female respondents who indicated that they plan to cut back on holiday spending this year, 48 percent said that an increase in the price of necessities was one reason for cutting back, 46 percent indicated that they are making less money, and 38 percent cited a lack of confidence in the economy.
"In many households, women take on the role of what we, at PriceGrabber, like to call the 'chief household officer' — overseeing the daily activities of the household and assuming the responsibility of most of the household spending," stated Laura Conrad, president of PriceGrabber. "With these female chief household officers managing most of the household spending and bill paying, it comes as no surprise that the increase in cost of household necessities has had the greatest influence on women who are choosing to cut back on holiday spending this year."
Women shop early and plan to use less credit for their holiday purchases than men
Men and women not only differ in their reasons for cutting back on holiday spending this year, but women also are more focused than men on absorbing their holiday spending into monthly budgets to become less dependent on credit. Survey data reveals that 65 percent of women plan to start shopping earlier in order to spread out the impact of their purchases on their budget, compared with 49 percent of men. Not only do women want to absorb their holiday spending into their monthly budgets, but more women also plan to make 2010 a debt-free holiday season. Thirty-six percent of women indicated that they do not plan to use credit for their holiday purchases this year, compared with 27 percent of men.
Both men and women plan to purchase more practical holiday gifts this year
While men and women differ in many aspects of holiday spending behavior this year, survey data reveals that the gifts men and women plan to purchase are very similar. When survey respondents were asked what gift items they plan to purchase, both men and women revealed that they plan to spend money on more practical items, such as clothing and shoes, hobby-related items and sporting goods. High-end consumer electronics were less popular for both genders.
Here is a breakdown of what each gender plans to purchase this holiday season:
- Clothing/Shoes: 56 percent
- Hobby-related items: 32 percent
- Jewelry/Watches: 31 percent
- Sporting goods: 30 percent
- Laptop/Netbook: 27 percent
- Smartphone: 26 percent
- eBook: 23 percent
- Digital camera/camcorder: 18 percent
- HDTV/3DTV: 17 percent
- Video game console: 10 percent
- Clothing/Shoes: 74 percent
- Jewelry/Watches: 36 percent
- Hobby-related items: 31 percent
- Sporting goods: 22 percent
- Laptop/Netbook: 21 percent
- eBook: 21 percent
- Smartphone: 19 percent
- Digital camera/camcorder: 16 percent
- HDTV/3DTV: 10 percent
- Video game console: 10 percent
Let us know if you are interested in additional survey data regarding layaway programs, credit purchases, consumer perceptions about the recession and more. PriceGrabber will be continuously issuing holiday trend reports throughout the holiday season. All consumer behavior reports can be found at http://www.pricegrabber.com/about.php?about=press&sub_opt=15.
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PriceGrabber, a part of Experian, is a leading online shopping site with more than 23 million unique shoppers monthly. At PriceGrabber, savvy shoppers can instantly find and compare millions of unique products and services across 25 categories with more than 11,000 merchants. Compare products side by side to find the right retailers at the best prices within popular categories, such as Digital Cameras, Electronics, Computers, Clothing, Books, TVs and more. PriceGrabber provides shoppers with the right product from the right merchant at the best price anytime, anywhere. Visit us at http://www.pricegrabber.com.
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