Americans plan to spend more on Christmas gifts this year than in 1987 as consumer confidence runs high and more people are working, according to a new survey.
The Conference Board, in its annual Christmas spending survey, predicted spending for holiday gifts would total $37 billion this year, up from $35 billion in 1987.The survey found however, that the typical family would spend about $325 on gifts.
The overall spending increase is in line with predictions by many retail industry analysts at investment firms. The analysts are expecting a modestly good season.
The Conference Board said about half the increase would be attributable to higher prices.
The business-supported research organization said families in New England planned to spend the most on Christmas gifts, $475, while those in the Pacific states planned to spend the least, $317.
The survey was conducted by National Family Opinion Inc. of Toledo, Ohio, which questioned 5,000 households.