New Yorkers Plan On Spending More
Loudonville, NY (WIBX) – New Yorkers plan to spend a little more on gifts this year, according to a new Siena Research Poll.
Seven percent of shoppers plan to spend more this holiday season, up three percent from last year. There is also a four percent increase from last year in those adding more items to their shopping lists.
Siena Research Institute Director, Don Levy, says the increased spending may be a small sign of recovery.
“This is the first year now, [and] we’ve been doing this poll for the past five years,” Levy said. “It’s not a meteoric rise, but more people are saying, ‘I’m going to spend a little bit more than I did last year.'”
The poll also points towards a new trend in spending, with 83 percent of New Yorkers planning to pay now for their purchases, rather than run up credit cards to pay off later.
According to Levy, the results show people are starting to adjust to what he calls a “new normal,” in terms of spending.
“83 percent, which is a staggeringly high number, said, ‘No, I’m only going to buy what I can pay for right here and now,'” Levy said. “‘If I put it on my card, as soon as the bill comes in, I’m paying it off.”
Other positive news includes more than a quarter of shoppers planning to spend more than $1,000 on gifts this year.