|  September 20, 2014  |  
Partly Cloudy   59.0F  |  Forecast »

Alaskans Planned to Spend 4.5% More Over Holidays

Alaskans are spending more this holiday season. Northern Economics’ quarterly Alaska Confidence Index survey shows a shift towards greater spending compared to the 2010 holiday season. This year’s Christmas supplemental questions showed that respondent households planned to spend an average of $1,333 this year as compared to $1,275 in 2010. This difference is equivalent to a 4.5 percent spending increase over 2010 levels and represents an estimated $13.6 million in additional spending by Alaska households. The estimated median household expenditure is also up by one-third increasing from $750 in 2010 to $1,000 this year. The narrowing of the difference between the mean and the median indicates that the increased spending is coming from a broad range of households and not just extra large purchases by a few households.

Table 1. How Much Does Your Household Plan to Spend this Year on the Holiday Season?

Planned to Spend

2011
Percent Responding

2010
Percent Responding

Year Over Year Change

Nothing

3.1

4.4

-1.3

$1-$499

20.7

22.6

-1.9

$500-$999

19.4

15.7

3.3

$1,000-$1,999

22.5

20.2

2.3

$2,000 or More

21.1

19.3

1.8

Not Sure

13.2

17.9

-4.7

 

While the increase in spending is good for Alaska’s economy, the survey data show that there are still many households that are planning to spend less this year and that the households that planned to increase spending really came at the expense of the group that was holding spending constant. Overall, 35.1 percent of households still say they plan to spend less in 2011 than they did in 2010, showing that better economic conditions are not evenly spread through the general economy. This last bit of news is a great reminder that it’s never a bad time to reach out to our neighbors in need.

Table 2. Will Your Household Spend More or Less This Year on the Holiday Season?

Spending Compared to Last Year

2011
Percent Responding

2010
Percent Responding

Year Over Year Change

Will Spend a Lot More

11.5

6.4

5.1

Will Spend a Little More

15.5

12.3

3.2

Same Amount as Last Year

37.6

42.4

-4.8

Will Spend a Little Less

18.4

18.4

0.0

Will Spend a Lot Less

16.7

18.7

-2.0

Not Sure

0.3

1.7

-1.4

 

The data supporting Northern Economics’ Alaska Confidence Index are generated via The Alaska Survey, a joint venture between Ivan Moore Research and Northwest Strategies. This quarterly statewide survey of more than 750 Alaskans is the first regularly conducted survey in Alaska to include a substantial sub-sample of respondents who only use cell phones.

For more information regarding the Alaska Confidence Review please contact Jonathan King, Northern Economics, Inc. at 907-274-5600.

Add your comment:
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement