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IDC Finds Nearly Two-Thirds of Holiday Shoppers Still Plan to Spend the Same or More on Family Despite the Economy
IDC and NRN, a National Research Network, recently conducted a survey of more than 3,000 consumers to gauge the economy’s impact on holiday spending for electronics. While some of the results were a testament to the sluggish economy, other results were surprising and even refreshing.
Given the economic downturn, one thing the survey did confirm is that “Family comes first.” Nearly two-thirds (62%) of the survey respondents plan to spend the same or more than last year on gifts for family members.
Other survey findings include the following:
* Only 25% of consumers shopped for electronics over Thanksgiving weekend
* Almost 50% of consumers plan to buy electronics before year end
* 35% of Black Friday shoppers bought gifts for themselves
* 38% of consumers plan to spend less on gifts for co-workers
* Cut backs in eating out still top cut backs in spending on consumer electronics
While portable media players and digital cameras topped the holiday purchase list over the Black Friday weekend – high definition TVs were named as the top items for purchase between now and the end of the year.
"Consumers are shifting to staying, or nesting, at home more," said Randy Giusto, group vice president and general manager, Client and Consumer Markets at IDC. "IDC expects that many households will focus on learning how to use and enjoy previous consumer electronic purchases. Home entertainment, even during recessionary times, tends to fare better than other types of entertainment."
While spending patterns are shifting, more than 90% of consumers still plan to purchase gifts this holiday season.
