I read a striking statistic today. Spending on food and drinks is supposed to increase by 11.6 percent this holiday season – greater than any other category measured in a survey conducted by marketing firm IBISWorld. Total spending on gifts is shrinking by 2.6 percent.
That means the food at your friend’s holiday party is going to kick ass, but she won’t be giving you a present. To be fair, during this holiday season total spending on gifts ($82 billion) still whomps spending on food ($28 billion). But still – people are pulling back dramatically on gifts. The recession is over, folks!
“More people are pulling back the need to shop for unnecessary goods,” said Toon van Beeck, an analyst at IBISWorld. “It’s not all about giving someone a gift, but going back towards family values and spending time with friends.”
I’m curious if the BargainBabe.com community is pulling back their gift giving, or defying the trend.