Survey: Holiday shopping to outpace 2011 spending

Holiday shoppers are expected to spend slightly more this year, according to an annual consumer spending survey conducted by BIGinsight on behalf of the National Retail Federation.

The NRF 2012 Holiday Consumer Spending Survey - which polled 8,899 consumers Oct. 2-8 and has a margin of error of 1 percent - found the average holiday shopper would spend $750 on gifts, decor, greeting cards and other seasonal items during the months of November and December, up from an average of $741 spent last year, according to a news release.

Based on U.S. Department of Commerce data, including information on retail sales, employment and the housing market, the NRF is forecasting that holiday sales will top $586 billion, a 4 percent increase compared to last year.

“We’ve seen this pattern of cautious optimism all year and despite the challenges that still exist in our economy, it looks as if consumers are eager to celebrate with friends and family,” NRF President and CEO Matthew Shay said in the release. “As the most promotional time of the year, retailers will continue to look for ways to stand out, specifically with attractive deals on toys, electronics and apparel, even well before the official start of the holiday shopping season - Black Friday and Cyber Monday.”

Survey results show the largest portion of average holiday shoppers' budgets will be used for gifts for family members, at $422, followed by gifts for friends, $75, for co-workers, $23, and others, such as pets and community members, $28.

Of the respondents, 52 percent said the state of the economy would have an influence on their spending this season, down from 62 percent last year, according to the release.