Worried that Santa may have put you on the naughty list this year? That might explain why more Americans are planning to self-gift this year.
A survey by the National Retail Federation has found that nearly 60% of people are “self-gifting” this Holiday season.
The study has found that the practice has become so popular that double the number of people have started admitting to self-gifting over the last two years.
“People feel like at the end of the year they have more money to splurge on themselves. It’s pent up demand,” says Jenny Parris, senior vice president of global marketing and product for Stored Value Solutions.
While savings accounts have added more money to them, Americans have also been able to splurge more thanks to sinking gas prices.
Americans on average say they plan to spend just over $800 on gifts this year, according to the National Retail Federation.
But the portion that they set aside for self-gifting is up by a few dollars to $132.
“One of the key trends in this space is the Millennials,” says Kathy Allen of the National Retail Federation. “They are still the largest group who take advantage of sales across the board.”
Many shoppers “reward” themselves after managing to finish all of their holiday shopping before Thanksgiving even arrives.