Shoppers Will Cut Back Holiday Spending This Year
How many of you are still trying to pay off what you spent last holiday season? Consumer Reports says 12 million Americans are still carrying debt from last year, which is causing 76 percent of consumers to say they're cutting back spending this year on gifts, travel, entertaining, decorations, charitable giving, holiday cards, and tipping, according to a new Holiday Shopping Poll.
Among the poll results? About 59 percent said they will be giving fewer gifts, and nearly half (49 percent) will be cutting their travel plans.
Most consumers (84 percent) said they were willing to sacrifice buying gifts for themselves this year. But Fido will still make it out OK. Only 23 percent of respondents plan to cut back on gifts for their pets this season — far fewer than those willing to cut back on buying for friends and families (40 percent), service providers (30 percent) or co-workers (29 percent).
hehehe... You can blame the dog if you don't get a gift this year!
The one piece of good news from all this is that consumers remain optimistic that this holiday will still be as good as in year's past. Eighty-eight percent expect their holidays to be at least as happy as last year and 28 percent expect to be even happier than last year.
Ah, optimism. I'm going to try not to remember that Oscar Wilde said, "The basis of optimism is sheer terror."
So how's about it? Are you guys planning on cutting back on holiday spending this year? Have you already started mentally debating which family, friend or co-worker gets cut from your list? Do you have any plans on how to save on gifts this year. Or are you just going to spend like there's no tomorrow because hey, Christmas, Hanukkah, and Kwanzaa only happen once a year?!
(AP Photo)
Categories: Budgeting, Debt, Economy, Holiday shopping, Shopping
Comments
You think that shoppers will be influenced by the media (and the Republicans) to go out and spend? Not this time! I haven't turned my heat on yet, and I am afraid to do it...I have a choice - Pay my mortgage and my bills, and try to go into the new year breaking even, or spend for more useless crap, and end up losing everything, and working for an entire year to make up for a month of foolishness.
Nope, I ain't spending one red cent during the holidays, and I don't feel guilty about it at all!
DD: Wallace, thanks for the late morning chuckle. I can't say I blame you. I do think people are going to be more frugal this year. With so many layoffs, the economy still gasping for air and the current credit crunch, it's hard to justify spending a lot. I haven't turned on my heat either... although this isn't due to money. My house is pretty small so it doesn't cost a lot to heat it, but I just like to see how long I can go without. I'm weird like that.
Posted by: Wallace | November 7, 2008 11:09 AM