$737.95 vs. $752.24 in 2013

This Christmas, it is estimated shoppers will spend -2% less than last year. That would result with the average shopper spending just $737.95 this year as opposed to $752.24 in 2012. The National Retail Federation has predicted people will pull back on spending money on themselves so they can purchase gifts for others. A survey conducted between October 10 - 13th by the International Council of Shopping Centers and Goldman Sachs found that over 40% of the holiday shoppers have reined in their spending. This survey found that 47% of those making less than $35,000 have cut back the most,  and 32% of those making over $100,000 have also cut back. Fears of the unstable economy, the debacle over the debt ceiling by Congress, and the concern that interest rates may rise have contributed to this poor prediction for holiday spending.