Hoping for an Expensive Holiday Gift? You May Be Disappointed.
While overall holiday spending is expected to rise by about 4%, according to projections from the National Retail Federation (NRF), the majority of Americans will be spreading their budget out over a lot of less expensive gifts.
Nearly half of Americans (47%) don't plan to buy a gift that costs $50 or more this holiday season, according to a new report from CreditCards.com. On top of that, only a little over a quarter of those surveyed (27%) plan to spend more than $100 on any single item and 12% don't plan to buy any gifts at all.
"I think it's encouraging, because although we might usually think that the more expensive the gift, the better it is, that's often not the case," University of Wisconsin marketing professor Evan Polman told CreditCards.com. "As a recipient, you're usually just as happy to receive an expensive gift as you are an inexpensive gift. There is some truth to 'It's the thought that counts.' "
Source: Fool.com
