According to the second annual consumer spending survey conducted by the Missouri Credit Union Association (MCUA), Missourians will spend about the same or less this holiday season. Spending plans may mirror respondents’ views on the state economy, which most rated about the same compared to last year with 26 percent rating it worse than last year.
Half of consumers plan to spend about the same amount on gifts, and 42 percent will spend less. In the past year, the percentage who said they would spend more than the previous year declined from 15 to 8 percent. The percentage who said they would spend less also declined from 46 to 41. This year, 639 persons took the online survey November 15 - December 15. Missouri’s results lag national polls, which suggest holiday spending will rise between 3.5 and 4 percent compared to 2011.
Most respondents (46%) plan to spend $100-$499 on gift giving with 16 percent planning to spend less than $100 and 31 percent planning to spend $500-$1,000. The survey suggests that Missourians are budget-conscious with 76 percent expected to use cash or a debit card to pay for gifts. Less than 20 percent will use a credit card.
When asked about their personal finances, most respondents (47%) reported little change compared to 2011. Nearly 28 percent reported that their finances were better this year and 25 percent said they were worse.
MCUA is planning to send presidents and marketers a survey summary in January. Click here for the summer edition survey summary.