Zoomerang has released the results of its November 2008 consumer study focused on what people will be buying this holiday season and how the economy has affected their plans. Not surprisingly, the online survey found that many people are being impacted – in fact, a staggering 80% say they will be cutting back on spending for their holiday shop this year.
So how are consumers responding and changing their behaviors to deal with their thinner wallets? The Zoomerang study found that among those who said they will be cutting back 85% will be taking advantage of sales, 52% will be clipping coupons, and 43% will be shopping online to save money.
When asked what the most exciting and disappointing things were about shopping this year, survey takers were encouraged about lower gas prices and failing retailers. Answers included: ”Gas prices are down, (so I) can spend more gifts” and ”Good deals because of the economy.” Others were irritable about their limited cash flow and big crowds, ”The amount of people out there shopping with me” and ”Spending money that I don’t have” were other open ended responses received.
I plan to cut back on my holiday spending this year by waiting just a bit longer to get started. I can take full advantage of the even lower prices that will be coming next week, not to mention the great after-holiday deals that will be sure to be had. I know that will put me right in the middle of the late-shopping madness but that is a price I am more than willing to pay this year. What are you doing to make sure Santa triumphs over The Grinch?