Average Holiday Spend to Rise 5% to $862, Fueled By Economic Optimism, Poll Finds
Consumer optimism about the economy's future will fuel a 5 percent increase to $862 in the holiday spending of the average shopper, an OpenX/Harris Poll survey found. Harris canvassed a nationally representative sample of 2,000 U.S. adults in August, finding…
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respondents were evenly split about whether they were better off economically than a year earlier, but 71 percent like their 2020 chances, including 77 percent of millennials, OpenX, an online advertising exchange said Monday. “Most shoppers across all major demographics are planning to spend the same or more as they did in 2018, with nearly a third planning to increase spending,” it said. “Millennials in particular drive a large percentage of the total growth for the market,” with 90 percent planning to spend the same or more than 2018, it said. Other findings: (1) One in five dollars spent this holiday will involve a transaction on a mobile device; (2) Two-thirds of millennials said they will be the “primary” shoppers in their households; (3) Holiday shopping already is “in full swing,” with half of all respondents reporting they start planning their holiday gift-buying before Sept. 1 and 37 percent having started actual buying; (4) Two-thirds of adults are watching streaming TV for an average of eight hours a week, and 42 percent predict they’ll become cord-cutters in 2020.