Consumers still buying electronics as family gifts

Despite recessionary times, 62 percent indicated they plan to spend the same or more on electronics for family members, according to a recent survey.

Holiday spending on electronics for family members remains high on the to-do list, according to a survey by IDC and the National Research Network (NRN).

According to results from a survey of more than 3,000 consumers, 62 percent indicated they planned to spend the same amount or more on electronics for family members this holiday.

Those surprising results come as big-box electronics retailers face a challenging time. Best Buy announced a 77 percent drop in earnings and call for employee buyouts earlier this month and Circuit City filed for Chapter 11 bankruptcy last month.

Nonetheless, consumers are maintaining their holiday spending level for family members. Portable media players and digital cameras performed well over the holiday weekend that wraps in Thanksgiving, and high-definition TVs were expected to be the top electronic sale items between now and the end of the year, according to the survey.

"Consumers are shifting to staying, or nesting, at home more," Randy Giusto, IDC general manager of client and consumer markets.

The survey also found that while 25 percent of those surveyed shopped for electronics over the Thanksgiving holiday, 50 percent plan to buy electronics before the year's end.

Consumers plan to account for these recessionary times by reducing the frequency of eating out, and 38 percent of survey respondents noted they expect to spend less on gifts for co-workers.

 

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