This year, 57% of all people plan to spend as much or more than they did last year at the holidays -compared with 54% last year-- according to a survey released today by CUNA and the Consumer Federation of America.
The survey found that 47% of respondents said their financial situation was the same as last year, 30% said it was worse and 23% said it was better. In 2009, 44% of respondents said their economic condition was the same, 36% said it was worse and 19% said it was better.
"While these results convince us that holiday spending will increase this year - elements of our survey also underline the fact many consumers continue to harbor significant concerns about the economy and their personal finances. CUNA Senior Economist. Mike Schenk, "Because of this we expect the increase in holiday spending this season to be modest - roughly half the 5% long-run average increase."
The survey also found that 57% of respondents said they were unconcerned about meeting credit card payments, compared with 58% last year. By contrast, 24% said they were concerned about making payments, the same as last year. This year, 9% of respondents said they were neither concerned nor unconcerned, compared with 10% last year. Both this year and last, 18% reported they don't have credit card payments. .
CUNA and Consumer Federation America conducted telephone interviews with more than 1,000 people from November 11-14. This is the 11th year that the two associations conducted the survey.