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Boston.com readers say they plan to keep a tight hold on budgets this holiday season

Print | Comments () Posted by Christine Dunn November 15, 2011 07:00 AM

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Boston.com readers who participated in last week’s holiday shopping survey indicated that they are going to keep a tight hold on budgets and spend cautiously in the upcoming weeks.

Almost 37 percent of respondents said they will spend up to $500 on holiday shopping this year, while another 29 percent said their budget limit is $1,000. About 18 percent said they will spend as much as $1,500.

For the vast majority, the budget is either a decrease from last year, or the same amount. Of those surveyed, 52.7 percent said their budget is staying the same, and another 30 percent said it was dropping. Why? The top reason cited by readers was, “I’ve focused on tightening my budget and don’t feel I need to spend as much.” The other reasons most commonly cited included lack of confidence in the economy and unemployment in the family.

One reader commented that increases in the cost of living have seriously hampered them. A “2 percent raise doesn’t cover grocery, gasoline and other hikes,” the reader wrote.

Another reader said that while they got a new job after being laid off, the compensation is less, impacting their budget.

Interestingly, those readers who said they plan to increase their budget aren’t necessarily more confident in the economy. Almost 37 percent of these respondents said they managed to keep their debt down during the year, giving them more cash to spend during the holidays. “I started saving last December after seeing credit card balances going too high,” one reader said.

“I’m mortgage free,” another one wrote.

Readers who plan to spend more also said they’re feeling better about their employment situation. “I lost my job just before last Christmas, so cut down then. Got my job back four months later – back to normal now,” one reader said.

And when readers spend, what do they expect to buy? Looks like it will be an electronics season, with a third of respondents choosing this category.

The “children are getting older and get more expensive presents than just toys – Nintendo DS, games for Wii, etc.,” said one reader.

Clothing and toys are the next top choices; many respondents commented that they also planned to give gift cards. Of those who filled out the survey, almost 67 percent said they’re married and 63 percent said they have children.

And when will these purchases most likely occur? Not on Black Friday, Cyber Monday or the weekend before Christmas, readers said.

“Early December, when there aren’t many crowds.”

Happy shopping!

This blog is not written or edited by Boston.com or the Boston Globe.
The author is solely responsible for the content.

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About the author

Christine Dunn has almost two decades of experience writing about finance and business issues. As founder and president of Savoir Media, she works with companies and executives on developing strategic, integrated media and marketing programs. Prior to starting her business, she worked at Bloomberg News, where she served as Boston Bureau Chief and ran industry coverage for several national teams of reporters, including consumer/retail, mutual funds and education. To reach her directly, email ChristineODunn@gmail.com or join her on Facebook at www.facebook.com/ChristineODunn.