November 14, 2012 by Sarah M
// By Sarah McKenzie //
Twin Cities shoppers say they plan to spend more money on holiday gifts than in recent years, according to new research released today by the University of St. Thomas.
The university’s 11th Holiday Spending Sentiment Survey measures how much local shoppers predict they will spend during the holidays, what they plan to buy and where they plan to purchase gifts. Spending is expected to be up nearly 10 percent compared to last year, with households spending an average of $773 on holiday gifts.
In the past decade, 2004 had the highest predicted holiday spending level of $796 and 2009 had the lowest level of $637.
Downtown Minneapolis ranked fifth on the list of where people plan to do their shopping. Mall of the America is the most popular shopping destination, followed by Rosedale, Southdale, Ridgedale and Albertville.
Cash tops the list for the most popular gift item. Next on the list is clothing and accessories, gift certificates, travel, computers and related items, books, toys and hobbies.
Shoppers plan to spend nearly half of their holiday budget at shopping malls, about 20 percent on non-mall stores and nearly 30 percent online.