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Men are more likely than women to splurge on their biggest gifts for their loved ones, despite an overall atmosphere of frugality this holiday season, according to a new survey from CreditCards.com.
Just 29 percent of men plan to spend less than $50 on the most expensive present they buy, compared to 40 percent of women.
And when it comes to who will receive their most expensive present, women and men had different views. While men said they likely will spend the most on their significant other, women indicated they are more likely to splurge on their children.
Those results come as consumers indicated they plan to be frugal this holiday season. To that point, 53 percent of adults plan to spend $50 or more on a single gift, while only 27 percent plan to spend $100 or more on one gift.
"I actually expected that more adults would spend at least $50 on a gift this holiday season," said Matt Schulz, senior industry analyst at CreditCards.com, "especially when you consider that unemployment is low, credit card debt is increasing, delinquencies are still low, so people seem to have their financial health in order."
Another surprise in the survey findings, according to Schulz: where consumers plan to shop. Younger millennials ages 18 to 26 said they are more likely to buy their most expensive present in person rather than online, along with shoppers age 63 and up. Shoppers ranging in ages from 27 to 62 said they will likely buy their most expensive presents online.
The survey was conducted online in October and included 1,093 adults.
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