How much do you plan to spend this holiday season? Roanoke College investigates in new poll

Roanoke Valley News

Copyright: The Associated Press

SALEM, Va. (WFXR) – As the holiday season quickly approaches, spending concerns are weighing on the minds of businesses during a time of year that is normally a key to their annual financial success.

Roanoke College has released results of a new poll, conducted by the college’s Institute for Policy and Opinion Research, that shows how much Virginians are planning on spending.

The poll took into account rising prices of things like food and fuel which will not stop over 60 percent of Virginians from spending at least as much this season as they did one year ago.

(Photo: Courtesy Roanoke College Poll)

Some of that increased spending will be due to increased prices of many goods.

The poll indicates 46 percent of Virginians plan to spend the same amount of money as they did last year while around one-third (34 percent) intend to spend less.

Both shares are slightly lower than the 2020 holiday poll.

Breaking things down by gender, 67 percent of men plan to spend at least as much this year as they did last year — a number that’s significantly higher than females.

The poll also shows that spending totals depend on income where 44 percent of poll respondents earning less than $50,000 per year expect spending less this year than a year prior compared to 25 percent who earn over $100,000 per year.

Results also indicate that 74 percent of poll respondents earning over $100,000 per year report spending at least as much as last year compared to 53 percent of those earning less than $50,000 per year.

(Photo: Courtesy Roanoke College Poll)

As far as how much Virginians will spend this holiday season, 77 percent say they plan to spend up to $500 on gifts, which is up by eight percent from last year.

Breaking down the numbers by gender, over 75 percent of women plan to spend no more than $500 on gifts compared to 65 percent for men.

Men are more likely to spend more than last year also plan to spend more money than women this holiday season where one-third of men plan to spend over $500 and 15 percent plan to spend over $1,000.

Half of Virginians say they have a set budget for this shopping season.

(Photo: Courtesy Roanoke College Poll)

The poll shows that respondents plan to do over 70 percent of their shopping online — likely due to convenience — in an effort to avoid spending unnecessary cash on fuel. Women plan to do more online shopping then men, according to the poll, which reports 76 percent of women say they’re doing their shopping online versus 64 percent for men.

Black Friday is an attention-getter for shoppers, though many stores began offering Black Friday sales months ago, in some cases.

The poll indicates that half of Virginians do not plan to do any shopping on Black Friday while 12 percent plan to do most or all of their holiday shopping on Black Friday.

(Photo: Courtesy Roanoke College Poll)

“Although we are technically more than six months beyond the COVID recession, considerable uncertainty and hardship remain. Supply-chain issues are driving inflation, reducing the purchasing power of each holiday dollar spent. Virginians plan to do much of their shopping online, likely to combat time spent searching through brick-and-mortar establishments for scarce goods and reduce the amount of gasoline needed for the gift search process. I suspect Amazon and other large online retailers will be the greatest beneficiaries of the shopping shift this season.” 

Dr. Alice Louise Kassens, Roanoke College IPOR Senior Analyst
John S. Shannon, Professor of Economics

For breaking news delivered to you, subscribe to WFXR’s breaking news email list

Get breaking news, weather, and sports delivered to your smartphone with the WFXR News app available on [Apple] and [Android]

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Latest News

More News

News Tip Form