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Nov 19, 2008 5:49 pm US/Central
Study: Buying More Books, Fewer Gadgets This Year
(WCCO)
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On average, each household will spend $663 on gifts this year. That's down, 11.7 percent from 2007.
AP
The annual University of St. Thomas holiday shopping survey quizzed 660 area shoppers about how much and where they'll spend holiday dollars this year.
In the seven years that he's overseen the study, Dr. David Brennan said, "This is by far the most bleak, dismal consumer response to Christmas."
According to the opinions of shoppers, more than half say they will spend less this year compared to 2007.
On average, each household will spend $663 on gifts this year. That's down, 11.7 percent from 2007.
The research shows Minnesotans are gripping their wallets even tighter than the rest of the nation.
"When over half of the people are saying they're going to spend less, you can expect that you're going to have a drop in spending compared to the previous year," said Brennan.
The downward shift in spending is also reflected in the kind of gifts shoppers are buying. It should come as good news to owners of area book stores. Shoppers said they'll be giving more books this holiday season, as well as clothing, gift certificates and gifts of cash.
What's not expected to be flying off store shelves will be consumer electronics, computers, jewelry and video games.
Nearly as telling as what you'll spend is where you'll spend it. According to the survey, more and more shoppers said they're trading in the big malls for the tiny mouse of their PC.
Online shopping is eating a bigger and bigger piece of the holiday shopping pie.
Nearly one in four said they'll order gifts online.
When you combine the 23 percent of Internet shoppers with the 13 percent who buy using the telephone, catalog or TV, more than a third of every dollar spent will be outside the malls and stores.
Brennan said while the report will cause retailers to wince, shoppers will find deals galore.
"The shopper that -- number one has the money, feels comfortable about shopping right now -- has wonderful opportunity to get sales. Most of the sales are 30 percent or more off," said Brennan.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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