Just 7 percent will spend more on holiday gifts this year

A new poll suggests consumers are trying to be more economical when it comes to holiday shopping this season.

According to The Conference Board, U.S. households plan on spending an average of $497 for holiday gift giving.

The survey also asked respondents how their spending this year will compare with last year. Just 7 percent said they will increase their spending, while 40 percent said they would spend less.

"As the holiday season approaches, we once again find consumers in a frugal mood," said Lynn Franco director of consumer research for The Conference Board. "With the overwhelming majority of consumers expecting to spend the same or less than they did last year, it's not surprising that they expect a large share of their purchases to be on sale or discounted.

Consumers who are watchful of their credit reports may be able to borrow at a cheaper rate of interest, as it will enable them to address any discrepancies that may impact their credit reports. Many people will be using their credit cards to purchase items, as the poll found that nearly two-thirds of respondents said some of their shopping would be conducted online.