60% of Shoppers Plan to Spend Less This Christmas

But somehow, retail-industry analysts still think that holiday sales will be up 1% over last year.  Keep dreaming, folks.  Keep dreaming.

AP: Among those who plan to spend less on gifts this year, only 23 per cent are doing so on their pets, according to a survey released Thursday by Consumer Reports. The vast majority (84 per cent) said they plan to cut back spending on themselves.

Another 40 per cent said they’re scaling back on buying for friends and friends’ families, while 30 per cent plan to spend less on service providers such as delivery people, hair dressers and gym instructors and 29 per cent aren’t giving as much to co-workers.

In all, 59 per cent of shoppers said they plan to cut back on gift giving.

See Also: Retail Sales Awful In October

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