In the latest Siena College Research Institute poll, which according to a new statewide survey of consumers released earlier today, 70 percent of consumers have already or plan to shop earlier than usual, 52 percent will shop more in person forgoing online shopping and a majority, 56 percent intend to spend less than they had planned.
Two-thirds of New Yorkers, up from 59 percent a year ago, are somewhat or very excited about the upcoming holiday season.
43 percent, plan to spend as they did last year.
Only 17 percent plan to increase their spending compared with 37 percent that say they will spend less.
Nearly half, 47 percent, plan to conduct at least 50 percent of their shopping online, down from 57 percent last year. Up from only 26 percent a year ago.
Over a third, 34 percent, now say that they believe in Santa Claus. At the same time, 44 percent believe that cryptocurrencies like Bitcoin are legitimate currency.
“Belief in Santa and Bitcoin, hmmm, is an odd combo this season but perhaps we’re seeing a changing of the guard,” according to SCRI Director, Don Levy. “Belief in Bitcoin’s legitimacy is highest among younger consumers and lowest among those age 65 and above while saying I believe in Santa is most difficult for those 18-34 years of age to express.”
“While most New Yorkers are planning to either spend less or hold the line on spending, 17 percent plan to spend more than last year and 18 percent, down from 32 percent a year ago, will spend $1000 or more. Plans to shop online are down from last year as over two-thirds of residents say they will visit local independent stores, small-to-medium chain stores and 59 percent will frequent big box retailers. Two-thirds of us have gift cards on our list and 28 percent plan to buy experience gifts like concert or sporting tickets or spa gift cards. Still, hanging over the head of this season only a quarter of all New Yorkers are better off financially than they were last holiday season,” Levy said.
“Needless to say, it’s been a rough year. Most New Yorkers are hopeful that 2022will be a better year than 2021 has been. Here’s hoping they’re right,” Levy said.
The SCRI survey of Holiday Spending Plans was conducted November 8-16, 2021 by random telephone calls to 395 New York adults via landline and cell phones and 400 responses drawn from a proprietary online panel of New Yorkers.