Forty-eight percent of New Yorkers plan to spend less than $500 on gifts during this holiday season, according to a new statewide survey of consumers released December 7 by the Siena College Research Institute (SCRI). Sixteen percent of all state residents, including a third of those making $100,000 or more, will spend more than $1,000 this season. Over half, 51 percent, will conduct either between 50 percent-75 percent (29 percent) or between 75 percent-100 percent (22 percent) of their holiday shopping online this year. Over half, 54 percent, will buy gift cards for some on their holiday list.
While 23 percent of state residents say that their finances are improved from this time a year ago, 44 percent say that their finances are unchanged, and nearly a third, 31 percent, say that they are worse off. Half of all New Yorkers say that all of their holiday spending combined, food, gifts and any other holiday spending will have a somewhat (34 percent) or very (15 percent) serious impact on their financial condition. One in five New Yorkers say that they will pay the bills for holiday spending over a period of time that could extend well into 2024.
“Nearly two-thirds of New Yorkers, regardless of how hard the spending will hit their wallet, are excited about the coming season. But, with one-third already feeling economic headwinds, half say ‘I’ll spend on food, gifts, decorations and parties but it’s gonna hurt’,” said SCRI Director, Don Levy. “Among New Yorkers making 50K or less, over 40 percent are worse off today financially than a year ago, nearly half hope to spend less than last year, and 62 percent say even with watching their spending, the holiday bills will hurt.”
A quarter of New Yorkers say that they believe in Santa Claus, down from 39 percent a year ago and tied for the all time low in this Siena survey with 2020, the pandemic year. Seventy-three percent plan to put up a Christmas tree in their home but by over two-to-one, 69 percent-31 percent, they prefer artificial to real. Half, 50 percent, say that they are hoping for snow for the winter holidays while 29 percent prefer not to shovel and 21 percent will take whatever comes.
• 37 perecent will be giving homemade gifts; 27 percent will be buying experience gifts such as concert or sporting event tickets or spa gift certificates.
• 30 percent will be traveling to visit family or friends for the holidays. Of those, 79 percent will be traveling by car, 37 perecent by plane and 24 percent by train; 43 percent will be traveling outside of New York within the U.S.
• 33 percent will spend more on holiday food this year than they did last year. 76 percent are buying food for a holiday dinner or party. Only 11 percent of New Yorkers will neither host nor attend a holiday party or dinner; 37 percent will attend parties, 20 percent will host and 31 percent will both host and attend.
• Of those that say holiday spending will have a somewhat or very serious impact on their financial condition, 62 percent are excited about the holiday season, but 35 percent are less excited than they were last year. Half of these New Yorkers hope to spend less than last year as 48 percent say that they are already worse off financially this year than last and 26 percent know that they will carry holiday spending as debt well into next year.