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Shoppers are planning to turn out in higher numbers and spend more money this year, according to a recent report by the United States Automobile Association.
This forecast is just another sign that Americans are beginning to believe that the economy is heading in the right direction. Only 24 percent of surveyed respondents said that they were planning on cutting back on holiday spending this year. This is down from 31 percent in 2011 and 40 percent in 2010.
Most of those surveyed said that they have instituted a budget to keep them on track. Last year, 45 percent said they would use a budget, whereas this year 53 percent said that they will have a spending plan.
The change of heart is good news for retailers. Last year, consumers spent $35.3 billion; analysts expect 3 to 4 percent growth this year.
“This year’s survey data aligns with recent reportsÂ that holiday sales growth is expected to remain above the 10-year growth rate,” said JJ Montanaro, a certified financial planner with USAA, in a statement. “Even with the current mixed economic picture, shoppers seem to have more optimism this holiday season, which may be encouraging them to open their wallets.”
The study has also found that people are turning to mobile to improve their shopping plans. More than 56 percent plan to use their phones to comparison shop, find coupons, search for availability and make purchases. According to Javelin Strategy Research, consumers have spent more than $20.7 billion shopping using mobile devices in 2012.
Visit here for the entire survey.