The spending frenzy is about to begin, and a new survey found more than half of consumers plan to spend $500 or more on Christmas gifts this year, slightly higher than in 2011. When asked when the season’s best deals will occur, 33% said the Thanksgiving holiday, 28% said Black Friday, 23% said the month of December and 16% said Cyber Monday.
Plastic will be the payment of choice for most shoppers. Sixty percent of survey respondents said they’ll use credit cards to pay for holiday purchases this year, while 53% plan to use savings. Thirteen percent are counting on a bonus check at work, 11% said layaway and 9% said gift cards.
The survey was conducted by PriceGrabber, an online price comparison website, and included answers from 2,235 online shoppers from August 31 to Sept. 12, 2012.