IDC Finds Nearly Two-Thirds of Holiday Shoppers Still Plan to Spend the Same or More on Family Despite the Economy
FRAMINGHAM, MA. – December 18, 2008 – IDC and NRN, a National Research Network, recently conducted a survey of more than 3,000 consumers to gauge the economy’s impact on holiday spending for electronics. While some of the results were a testament to the sluggish economy, other results were surprising and even refreshing.
Given the economic downturn, one thing the survey did confirm is that “Family comes first.” Nearly two-thirds (62%) of the survey respondents plan to spend the same or more than last year on gifts for family members.
Other survey findings include the following:
* Only 25% of consumers shopped for electronics over Thanksgiving weekend
* Almost 50% of consumers plan to buy electronics before year end
* 35% of Black Friday shoppers bought gifts for themselves
* 38% of consumers plan to spend less on gifts for co-workers
* Cut backs in eating out still top cut backs in spending on consumer electronics
While portable media players and digital cameras topped the holiday purchase list over the Black Friday weekend – high definition TVs were named as the top items for purchase between now and the end of the year.
"Consumers are shifting to staying, or nesting, at home more," said Randy Giusto, group vice president and general manager, Client and Consumer Markets at IDC. "IDC expects that many households will focus on learning how to use and enjoy previous consumer electronic purchases. Home entertainment, even during recessionary times, tends to fare better than other types of entertainment."
While spending patterns are shifting, more than 90% of consumers still plan to purchase gifts this holiday season.
IDC is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. IDC helps IT professionals, business executives, and the investment community make fact-based decisions on technology purchases and business strategy. More than 1000 IDC analysts provide global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries worldwide. For more than 44 years, IDC has provided strategic insights to help our clients achieve their key business objectives. IDC is a subsidiary of IDG, the world's leading technology media, research, and events company. You can learn more about IDC by visiting www.idc.com.
About A National Research Network
NRN is a full service consumer research company focusing on the design, execution, and analysis of research studies. Through an exclusive relationship with General Growth Properties, a shopping center leader with over 200 shopping malls in 44 states, and The On-line Opinion Club — NRN has direct access to millions of consumer insights on a daily basis. For further information please visit www.nationalresearchnetwork.com.