An online survey of over 2,000 people conducted by Harris Interactive foronline loan provider CashNetUSA found that nearly half of Americans (46%) will be cutting their holiday spending this year compared to 2012. This follows asharp decline in consumer confidence in October.
The hardest hit category of spending is on family members, with 63% reporting that they would cut spending on gifts for family members. Meanwhile, 54% plan to spend less on gifts for non-family members such as teachers or service providers. Other categories like decorations and holiday meals are taking a hit, with 47% and 43% cutting spending on these categories.
A brighter spot is spending on children and grandchildren, with only 35% reporting reduced spending on gifts for them.
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