Discover Holiday Shopping Survey Finds Consumers Cutting Back

Key survey findings include:

• On average, shoppers plan to spend $723 on holiday gifts, compared to $831 in last year's survey and $896 in the 2007 survey. Women plan to spend more than men - $742 versus $702, respectively.
• Forty-seven percent of shoppers plan to spend between $100 and $500 this holiday season while a quarter (25 percent) anticipate spending anywhere from $500 to $1,000.
• Forty-three percent of shoppers plan to spend less this holiday season. Of this group, 48 percent say that the economy was very influential in their decision to do so.
• As the holidays approach, 63 percent of shoppers say they are very concerned, concerned or somewhat concerned about their finances. This is down from 74 percent who said the same last year.
• Sixty-six percent say they plan to stay within their holiday shopping budget. This is down slightly from the 73 percent who said they would do so last year.

Shoppers planning to spend less this holiday season will use several strategies to save money. Looking for sales is among the most popular - 62 percent say that they will limit purchases to items that have deep sales, such as 25 percent off.

"Finding the perfect gift is never easy, and this year shoppers will be looking for ones that also fit within their budgets," said Ryan Garton, director of customer insights for Discover Financial Services.

"Holiday shoppers looking for extra savings this year can take advantage of cash rewards from Discover," said Garton. "Cardmembers can receive double Cashback Bonus on purchases made on their Discover card anywhere online or at department, clothing, shoe or jewelry stores. They can also receive additional Cashback Bonus at over 150 retailers through ShopDiscover, our exclusive online shopping mall."