A Third Of Americans Under Holiday Spending Budget
Folks weren't kidding when they said they were going to make a budget this holiday season.
A recent survey by BIGResearch found more than half of Americans are sticking to their budget this holiday season. Nearly a third — about 29.6 percent — said they are being even more thrifty than they imagined and are under budget. Only 13.8 percent of those surveyed said they are overspending.
This is just another bit of tough news for retailers, who were handed a blow by Mother Nature this weekend. Storms dumped snow across the nation, making it hard in some areas for all but the most intrepid shoppers to hit the mall. This will likely result in a 5 percent drop in customer traffic, according to Planalytics.
The timing couldn't be much worse. ShopperTrak RCT said the final weekend before Christmas typically accounts for 11.5 percent of all holiday shopping.
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Things may be particularly hard for retailers in the Northeast. According to Weather Trends International, this was the snowiest pre-Christmas week in the region in more than 20 years.
JP Morgan analysts said there are several retailers that may be more at risk than others because of the bad weather. These retailers, according to a report by CNBC's Margaret Brennan, include Children's Place , Aeropostale , J. Crew , Tiffanyand TJX Companies .
Meanwhile, for those procrastinators whose shopping plans were stymied by the snow, take heart. More retailers than ever are going to be burning the midnight oil in a last-ditch effort to win sales. Hours are being extended late into the evening, or in some cases, abandoned for 24-hour marathons at select locations. Macy's , Wal-Mart , and Toys R Us are among those who are using this strategy.
This may give consumers a chance to catch up on the shopping they missed, unless, of course they're more worried about sticking to their budget.
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