RIVERWOODS, Ill.– A recent survey of consumer holiday intentions have given credit union yet one more reason not to really count on their card interchange before it comes in this year.
Consumers told surveyors sponsored by the Discover card brand that they would spend roughly 10% less during this holiday season than they did in previous years, the card brand said.
Consumers told the card brand that, on average, they planned to spend $831 on holiday gifts this year, compared to $896 they told surveyors they planned to spend last year. In addition, more consumers (45% vs 42% last year) said they would spend between $100 and $500 on holiday gifts and slightly fewer (26% this year versus 27% last year) believed they would spend between $500 and $1000.
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In addition, more consumers (77% this year versus 73% last year) said they planned to remain within their holiday shopping budgets.
"The economy is clearly weighing on many minds this holiday season, and the Discover Card Holiday Shopping Survey reveals that most shoppers are determined to stick to their budgets even as they hunt for that extra-special gift," said
Ryan Garton
, director of customer insights for Discover Financial Services.
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