WILMINGTON, Del. — Another survey from a major financial institution appears to suggest that consumers may spend more this holiday season than previous surveys have suggested they will and thus take some pressure off card interchange income.
ING DIRECT, which identifies itself as the nation's largest direct bank or thrift, commissioned a survey conducted by Harris Interactive that was conducted in mid-November. In the survey of almost 3,000 adults, 50% of respondents said they would spend either the same as last year (45%) or more (5%).
In addition, 60% of respondents told the bank they spend at least $300 on the holidays, with 12% of those saying they spend more than $1,000.
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The bank saw opportunity in the results to market its savings and investment products as holiday gifts.
"Holidays are a time to give, but these days, no one can afford not to save their money," said Arkadi Kuhlmann, CEO of ING DIRECT. "Many of us are quick to give the latest toy or electronic gadget but are not nearly as comfortable giving a lasting, long-term gift that actually appreciates over time-like the 'gift of savings' or the 'gift of investments'."
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