Two-thirds of New Yorkers, up from 59 percent a year ago, are somewhat or very excited about the upcoming holiday season according to a new statewide survey of consumers recently released by the Siena College Research Institute (SCRI).<\/p>\n
While a plurality, 43 percent, plan to spend as they did last year, only 17 percent plan to increase their spending compared with 37 percent that say they will spend less. Nearly half, 47 percent, plan to conduct at least 50 percent of their shopping online, down from 57 percent last year, according to the poll.<\/p>\n
\u00a0<\/span>When considering the delays and shortages caused by supply chain disruptions, 70 percent of consumers have already or plan to shop earlier than usual, 52 percent will shop more in person forgoing online shopping and a majority, 56 percent intend to spend less than they had planned. Up from only 26 percent a year ago, over a third, 34 percent, now say that they believe in Santa Claus.<\/p>\n At the same time, 44 percent believe that cryptocurrencies like Bitcoin are legitimate currency. \u201cBelief in Santa and Bitcoin is an odd combo this season but perhaps we\u2019re seeing a changing of the guard,\u201d according to Don Levy, SCRI director. \u201cBelief in Bitcoin\u2019s legitimacy is highest among younger consumers and lowest among those age 65 and above while saying I believe in Santa is most difficult for those 18-34 years of age to express.\u201d<\/p>\n <\/span><\/span>\u201cWhile most New Yorkers are planning to either spend less or hold the line on spending, 17 percent plan to spend more than last year and 18 percent, down from 32 percent a year ago, will spend $1000 or more. Plans to shop online are down from last year as over two-thirds of residents say they will visit local independent stores, small-to-medium chain stores and 59 percent will frequent big box retailers. Two-thirds of us have gift cards on our list and 28 percent plan to buy experience gifts like concert or sporting tickets or spa gift cards. Still, hanging over the head of this season only a quarter of all New Yorkers are better off financially than they were last holiday season,\u201d Levy said.<\/p>\n He said a majority of New Yorkers of every income bracket are excited about the holiday season, intent to spend as well as assessments of their financial well-being vary widely between those making $100,000 or more and those earning $50,000 or less.<\/p>\n Among higher earners, equal percentages say they will spend more or spend less, almost three times as many say they are doing better financially than are worse off and nearly 40 percent will spend more than $1,000 on gifts, said Levy. Among those earning $50,000 or less, four times as many will spend less rather than more, over twice as many are worse off financially rather than better off and only 7 percent will spend more than $1,000 on holiday gifts.<\/p>\n \u201cThis time of year many of us look forward to many aspects of the season but number one is spending time with family and friends,\u201d said Levy. \u201cWe\u2019re clearly ambivalent when it comes to spending money on gifts, we love the shopping and giving gifts to our loved ones but in difficult economic times, we worry about our spending. It might be a joke but topping the list of things we dread during the holiday season is eating fruit cake,\u201d Levy said. \u201cNeedless to say, it\u2019s been a rough year. Most New Yorkers are hopeful that 2022 will be a better year than 2021 has been. Here\u2019s hoping they\u2019re right.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" Two-thirds of New Yorkers, up from 59 percent a year ago, are somewhat or very excited about the upcoming holiday season according to a new statewide survey of consumers recently released by the Siena College Research Institute (SCRI). While a plurality, 43 percent, plan to spend as they did last year, only 17 percent plan […]<\/p>\n","protected":false},"author":89,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"yoast_head":"\r\n