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December 9th, 2009

Are You Spending Less This Holiday Season?



I just dropped by AllFinancialMatters.com (AFM) this afternoon and read a great post that asked their readers a simple question: Are you spending more or less this holiday season?

According to a spending survey from the Consumer Federation of America, consumers said they plan to cut back less this year than they did last year:

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).

“Consumers are telling us they will not cut back as much on spending as last year, but more so than in previous years,” said CUNA Chief Economist Bill Hampel. “Moreover, only 8% said they planned to spend more than last year, and this was the lowest percentage we have seen in the past 10 years.”

Surprisingly, many of the responses from AFM’s readers said they planned to spend about the same this year.

What about you guys? Are you planning on spending more or less this holiday season?

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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