Study: Consumers Aim for Practical Gifts for Holiday Season

New York City Consumers will be looking more to practical gifts, such as gift cards, and significantly cutting back on purchasing items for themselves while shopping this season, according to GfK Roper Consulting’s Holiday Shopping study.

The report found that about 61% say holiday shopping and plans will be delayed due to the current economic and political situation. In addition, the study said that 45% plan to spend less on gifts, up from 33% last year.

The report also found that 62% plan to spend less on items for themselves while shopping for others and 53% plan to spend less on home and entertaining, including food and decorations. In addition, 50% of women planning to cut back will be looking for sales.

The study also found that 59% plan to shop for gifts online, and 56% plan to research online and shop in stores. The top planned online purchases include books, music/movies, toys, store gift cards, video games and apparel.

Although some consumers may want to continue to give quality gifts, they plan to also cut back on some of the frills like wrapping paper, cards and ribbons. In addition, 68% plan to do more shopping at mass discounters like Wal-Mart and Target compared to 2007.