US Holiday Spending May Be Cut Again: Survey

Jim Liebelt | Senior Writer, Editor and Researcher for the HomeWord Center for Youth and Family at Azusa Pacific University | Friday, October 30, 2009

US Holiday Spending May Be Cut Again: Survey

Two-thirds of U.S. adults plan to spend less this holiday season and 6 percent say they still are carrying debt from last year's holiday purchases, according to a new Consumer Reports Holiday Shopping Poll released on Thursday.

As recession lingers on Main Street and job losses mount, 65 percent of Americans say they plan to cut overall holiday expenses such as gifts, travel and entertaining.

In last year's poll, 76 percent of shoppers said they planned to cut back on holiday spending.

About 13.5 million consumers, or 6 percent of Americans, have yet to pay off debt rung up during the 2008 holiday season, a result that is virtually unchanged from last year's survey.

Source: CNBC