Singles will spend $545 on gifts this holiday season
A press release issued through PR newswire by Myvesta says that Americans heading to the mall this holiday season are planning to spend slightly more while shopping for friends and family than they did in 2004.
According to the annual Holiday Shopping Survey conducted by Myvesta, a nonprofit consumer education organization, the average American plans to spend $747 on their holiday gifts in 2005, up 4.3 percent from the average of $716 in 2004. 49.5 percent plan to spend $500 or less.
"While the average amount people are planning to spend has risen slightly, this may not turn into a banner year for retailers," said Steve Rhode, president of Myvesta. "Individuals and families are not much better off than they were last year and most do not have the extra cash available to drastically increase their holiday spending."
The annual Myvesta Holiday Survey was conducted November 4-6 in a random telephone survey of 1,000 people. Some other survey results include:
* Those who are married plan to spend almost 56 percent more than single
people. Married individuals will spend $848 and singles will spend $545.
* 12.7 percent of those surveyed plan to spend over $1,000 on their
* Those aged 35-44 plan to spend $829 on their holiday purchases, the most
of any age group.
* Males and females both planned on spending an average of $747.
* People in the South will spend the most on holiday purchases this year
averaging $847 per person. Those in the West will spend the least with
an average of $660. People in the Northeast plan to spend $720 and
those in the Midwest plan to spend $699.
To help consumers get the most out of their holiday dollars, Myvesta offers three free self-help publications available for download on their web site. The publications include "How to Survive the Holidays Without Going Broke (or Insane!)," "Avoiding Post-Holiday Headaches" and "How to Cut Your Holiday Bills in Half Without Feeling Like a Scrooge." To access any of the free publications visit Myvesta.org online.
Myvesta(SM) is dedicated to helping people create healthy financial lives. The organization provides a wide range of materials to inspire and inform people so that they can break down their barriers to financial and personal success. For more information visit Myvesta.org online.