We won't be spending as much this holiday season
That headline cannot be much of a shock, especially since we curtailed our back-to-school spending and took more staycations this year. In a new Consumer Reports poll, nearly two-thirds of Americans, or 65 percent, say that they will cut back this season on holiday expenses, such as gifts, travel and entertaining. You can take a look at the full report here.
Last year, some 76 percent of Americans said they would cut back. So the numbers this year aren't as large but maybe that other 11 percent already felt like they had cut to the bone. Or maybe more people feel like they have turned the corner in this economy.
The cutbacks will be felt across the board: Americans say they won't spend as much on clothing, electronics, gift cards and jewelry. And they also say that they won't give as much in monetary gifts as in season past. With some 13.5 million consumers still saddled with 2008 holiday debt, according to Consumer Reports, it's probably a good idea not to go further down that road.
And most striking about the poll is who will get cut from the holiday gift list. Most consumers -- 78 percent -- say they will not spend as much on themselves, followed by friends and their families, other family members, co-workers and service providers like the hairstylist, delivery personnel and fitness trainers. But have no fear: Grandparents, grandchildren, kids under 18 and the family pet will all be spared. And really, aren't the holidays for kids anyway?
-- Sherry Robinson