ROANOKE, Va. (WFXR) — Over a third of Virginians anticipate reducing their holiday spending on the heels of the 2020 economic recession and continued COVID-related uncertainty. Fewer people plan to shop on ‘Black Friday’ than last year and more anticipate using cash-only for their purchases.
According to the most recent poll from the Roanoke College Institute for Policy and Opinion Research, 49% of Virginians plan to spend the same amount as last year, while over a third (35%) intend to spend less. In comparison, 25% of Virginians planned to reduce their spending from the prior year in 2019.
How much will Virginians spend? Sixty-two percent of participants plan to spend up to $500 on holiday gifts. Forty-five percent of married participants plan to spend $500 or more, compared to 22% of non-married respondents. Most respondents who earn over $100,000 plan to spend $500 or more.
Two-thirds of Virginians plan on using cash for their holiday purchases, incurring no additional debt. This is a slight increase from 2019. Twenty-two percent anticipate paying with credit cards only, also up from 2019. Fewer people plan to use a combination of credit cards and cash. Forty-five percent of respondents set a specific budget for their spending.
Less than half of Virginians plan to do any spending on Black Friday, while 10% plan to do most or all their shopping on the day.
A total of 605 Virginians were interviewed for this survey.