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November 12, 2008

Women Plan to Spend Less this Holidays, First Cuts Going to Themselves

Women are planning to spend less according to two surveys released today.

In a survey by the Marketing to Moms Coalition, moms plan to cut spending on holiday gifts. Offline is expected to be hit the hardest, with an 8% drop over last year. Online will decline by 2%.

87% of moms plan to shop at big discount retailers like Wal-mart and Target
Department stores come in second at 37%.
Shoe and specialty clothing retailers come in third at 35%.

"Older kids tend to want expensive presents like cell phones, video games, trendy clothes and computer equipment," says Maria Bailey, a founder of the Marketing to Moms Coalition, and author of the book, Mom 3.0, Marketing with Today's Mother by Leveraging New Media and Technology. "Moms are telling their older kids that this year, they're just going to have to wait."

Another survey from Frank About Women shows that women (not just moms) are planning to cut holiday spending. First on the chopping block? Themselves.

62% of women are asking friends and family to forgo buying them a gift this year due to the economy.

They asked survey participants who would be cut from the gift list that normally would be on.

57% of those who normally give gifts to their neighbors plan to forego the gift this year
53% will skip their bosses
52% will cut employees and service providers (i.e. hairdressers) from their list
50% won't give gifts to co-workers this year

So, who is getting a gift this year?

96% said they won't let a bad economy stand in the way of giving gifts to their kids
86% will give gifts to their parents
85% will give gifts to their spouse or partner (Stay out of the dog house, guys!)

"Not only are women planning to spend less on others, they are actively encouraging their friends and family to omit them from the gift list this year," says Nicole Green, senior strategic brand planner at FAW. "This self-sacrificing mindset represents a significant cultural shift as a renewed sense of fiscal responsibility and frugality trump spending and splurging for many women. Marketers who speak to the real meaning of the holidays are more likely to resonate with women this season and benefit from their spending power."

Posted by Nathania Johnson on November 12, 2008 10:37 AM

Comments

I think it's a shame women are cutting back on gifts for themselves, but in today's economy, it's not surprising. What really concerns me is that we continue to support the large retailers like Wal-Mart, instead of independent, family owned businesses. These are the retailers that need out help. I have an online store, and pledge to meet or beat any top retailer's price on my jewelry. see: www.ellenjewelrydesign.com
I try to shop at small "mom and pop" sites when I can. You can find a lot of them online, and they have excellent customer service.

Ellen November 12, 2008 12:40 PM

November 12, 2008

Women Plan to Spend Less this Holidays, First Cuts Going to Themselves

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