By Ron Kurtz
Expert Author
About 25% of the total estimated December holiday (Christmas and Hanukah) gift market will be produced by the wealthiest 10% of U. S. households, despite a reduction of 1. 6% in their spending to about $57 billion.
Approximately two-thirds of the respondents expect to spend the same amount for holiday gifts this year as last year.
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The number who expect to spend "less" (21%) is about double the number who expect to spend "more" (11%).
The survey found the affluent planned expenditures of almost $2, 800 per adult, which is about 5 times the $565 average for all adults in a survey recently conducted for The National Retail Federation.
These are the major findings of a new 23 page/20 table report "The Affluent Market for Christmas and Hanukah Holiday Gifts: Forecast of December Holiday Gift Expenditures and the Recipients, Types, and Retail Sources of the Gifts".
Signaling the challenge retailers face in achieving the 5% increase in 2005 holiday gift sales projected by The National Retail Federation and The International Council of Shopping Centers, these results were obtained from the recently completed Fall 2005 "Affluent Market Tracking Study #8" by The American Affluence Research Center.
A continuing series of twice-yearly surveys, these studies track the 12- month economic outlook and spending plans of the wealthiest 10% of Americans, the 11 million households representing about half of all consumer income and spending and a third of the total US economy. These are the consumers who have helped the more upscale retailers to out perform others in recent years.
The latest survey was designed to also answer such questions as:
1. What do millionaires want to receive as holiday gifts this December? 2. How much will the affluent spend for holiday gifts for different recipients this year? 3. Who will receive gifts from the affluent this year? 4. What types of gifts will the affluent give this year? 5. Where will the affluent buy their gifts this year? 6. When will the affluent do most of their holiday gift shopping?
Highlights of the national survey of 448 men and women in the wealthiest 10% of U. S. households can be found on the AARC website, www.affluenceresearch.org.
The survey participants have an average income of $308, 000 and an average net worth of $2. 7 million. The survey has a 5% margin of error at the 95% confidence level.
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