The results of a survey released Monday showed that more consumers anticipate spending less during the holidays this year.
In its 16th annual consumer survey, the Consumer Federation of America and CUNA reported 38% of respondents said they will reduce the amount of their holiday spending, an uptick from the 33% reported in 2014.
During a press conference held to discuss the survey, CUNA Chief Economist Bill Hampel said people are more inclined to say they will spend less, but only during the financial crisis did holiday spending amounts actually decline. "Spending never declines," he said of the numbers.
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