NEW YORK (1010 WINS) -- An estimated 165 million shoppers will be crowding malls and clicking for bargains starting Thursday morning through Black Friday weekend.
A survey conducted by Bankrate shows the results of a new consumer survey to forecast how much money Americans will be spending this holiday season.
- 74 percent of U.S. adults will not increase their holiday spending this year
- This includes 22 percent who intend to spend less than they did last year
- Just under a third (27 percent) of those who won’t increase their spending say it’s because they are concerned about the state of their finances and/or the economy
- Younger millennials (23-29) are the most concerned (33 percent) when compared to older generations
Some 56 percent intend on doing their holiday spending with money they already have rather than borrowing, which is a smart way to sidestep tinsel-trimmed debt, Banrate reports.“Too many people fall into a negative cycle of overspending ahead of the holidays, which at best, sets the stage for a New Year’s resolution to hold the line in the future,” says Mark Hamrick, senior economic analyst at Bankrate. “That will only work if a concerted effort is made to truly save for both short- and long-term needs.”
In 2018, Black Friday broke records, with $6.2 billion spent on that single shopping day alone.
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