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Consumers Set Holiday Budgets at Nearly $900 This Season
"BELLEVUE, Wash. -- This holiday season, Americans expect to spend an average of $892 on gifts and related expenses -- 11% more than last year, according to the Coinstar National Currency Poll. Nearly 64% expect to spend the same this holiday season as last, while 16.3% anticipate spending more and 18.5% plan to spend less.Holiday budgets vary widely across demographic groups, the survey found. Based on annual household income levels, this year's budgets range from $487 (for household income under $25,000) to $1,458 (income of $75,000-plus). Men are likely to outspend women ($945 versus $842).Those variations mirror 2003 holiday spending patterns, but differences emerged within age groups. Those in the 18 to 34 age group say they'll increase their budget this year by 35%, while 55 to 64 year-olds have cut their budgets by 24% compared with last year.To help pay for holiday expenditures, 18.6% plan to cash in their accumulated change in order to supplement holiday budgets. The survey also showed that more men than women (21.6% versus 15.8%) will cash in their loose change -- a shift from last year when 18% of men and 20% of women said they'd cash their stash.Gift cards are this year's "gift of choice" for 57% respondents; an average of 23.8% of holiday budgets will be spent on cards. The cards are most popular within the 45 to 54 age group, where 62.2% plan to purchase -- and in households with annual income greater than $75,000 (71.5%). Also, more women (60.3%) than men (53.4%) plan to give gift cards this year, the survey found.When it comes to holiday splurging, 41.3% would choose to get a bigger or better gift for someone on their list; only 7.9% would spend more on themselves. Some 26.3% would buy a nice dinner out with the family, while 12.8% would splurge on a holiday production, musical, concert or other special holiday event."