Despite a boost in retail spending brought on by Black Friday and Cyber Monday deals, Georgia credit union members plan to be prudent again with their holiday shopping this year.
Nearly 47% of Georgians said they plan to spend less this holiday season, according to the Georgia Credit Union Affiliates “Paying Attention” report. The poll compiled recent responses from more than 6,000 members and aggregated data from credit unions statewide.
Fifty-one percent of Georgians said they plan on spending the same this year as they did last year.
The GCUA said the numbers are relatively unchanged from last year's results when 52.8% said they plan to spend about the same in 2010 when compared to 2009 while 44.3% indicated they plan to spend less on the holiday season.
As they cut back on borrowing and shy away from tying up money in long-term accounts, 45.1% of Georgia members polled said they are targeting their holiday shopping budgets to fall between $100 and $500.
Georgians are opting to put their savings in short-term savings accounts rather than longer-term certificates of deposits as they wait for interest rates to increase before locking into longer-term accounts, the data suggested.