Siena College has released its annual survey on holiday shopping.
So, what did the poll say? Shoppers are planning on spending more this holiday season.
Whether that sentiment is attributed to inflation or a desire to give bigger this year is unclear.
The poll found 22% plan to spend more on gifts this year. That’s up from 17% in 2021 when supply chain issues were by far the biggest issue.
Around 25% of New Yorkers are planning on spending $300 on gifts, while 19% plan on spending $1,000 or more. Around 50% of New Yorkers said they plan to do half of their shopping online this year, while 66% said they would shop in-person at small businesses.
Altogether 73% said they were very or somewhat excited about the holiday season. That’s up 8% from a year ago, and is the highest number in the last 15 years.
Around 78% said they would put up a Christmas tree this year. And 39% said they believe in Santa Claus, which is the highest percentage since 2010.
“With nearly half of all New Yorkers and over 70% of those earning $100k or more planning to spend more than $500 on gifts, it looks like stockings will be full this year,” said Siena College Research Institute Director Don Levy said. “Some are spending more because of how excited they are and how hopeful they are for a better year ahead, but some may simply recognize that inflation has hit Santa along with all New Yorkers. Over half of residents with incomes under $50k plan to spend no more than $400 this holiday season.”
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