I don’t know about you, but I find this surprising…
This year 43% of consumers said they intend to cut back their holiday spending, compared to 55% last year. But the 43% figure is still much higher than in the previous eight years of 2000 to 2007, a period when the percentage intending to spend less never exceeded 35% and dipped as low as 21% (in 2002).*
Only 43% of people surveyed are cutting back on their holiday spending this year. Is this a sign that things are improving or are people just not facing reality?
What about you? Are you cutting back this year, spending more, or keeping it about the same as last year. We are trying to cut back this year. Part of the reason being that we spent a lot of cash earlier this year on some major expenses. We were fortunate to have the cash available for those expenses but they ate up our nice cushion. So, we are being a lot more careful with our spending this year.
*Spending Survey conducted by the Consumer Federation of America (CFA) and the Credit Union National Association (CUNA).