Report: 27% of Americans Plan to Spend Less This Holiday Season
Posted on September 13, 2011Rising prices and a lack of jobs appear to be wearing down consumers. Reuters reports that a survey conducted by America's Research Group found that 27% of Americans plan to spend less money during the holidays this year than they did last year. 55% plan to spend about the same as last year. This does not spell good news for retailers this holidays.
The survey also found that over half of Americans expect the economy to worsen before it gets better. People aren't going to increase spending if they can't see the economy getting better in the near future.
Britt Beemer, president of America's Research Group, told Reuters, "Retailers better be worried about Christmas. If half of Americans believe it is going to be worse before it gets better, they may not be too excited about buying much this Christmas season."