Consumer confidence is up both in New York State and nationally, but that is not translating into more holiday spending, according to the latest survey by Siena College.
Siena Research Institute Don Levy says most New Yorkers plan on spending about the same amount that they did last year, and 64-percent say they want to hold their holiday expenses to under $600.
"About seven percent, a very small percentage, across all of New York State say they're going to spend more,” Levy said. “Almost a third, 32-percent, say they're doing to spend less. The overwhelming percentage, 59-percent, say they're going to keep their spending about the same."
Levy said this might be the new "economic normal” for New York consumers. He said the survey indicates that people will buy more practical gifts this year, and more than 80-percent would rather pay now than by credit.
"Many of the people we speak to say, 'I haven't gotten a raise for three, five, seven years. And we've tried to make adjustments to live within our means.' We even asked people, 'Are you willing to go into debt for your holiday spending?' 83-percent, virtually everyone told us, 'I'm gonna pay now. I'm not gonna have credit card bills that haunt me right through the spring of next year.' "
Other findings from the survey show that 49-percent of New Yorkers plan on doing at least a quarter of their holiday shopping on line. That follows a growing yearly trend. Last year, that number was about 46-percent.
Three quarters of those surveyed said they plan on making charitable donations this holiday season, whether it is in the form of money, food, gifts, or volunteer time.
