WASHINGTON – A record high 55% of all consumers expect to spend less money this holiday season, according to a survey released today by CUNA and the Consumer Federation of America.
Based on the data compiled from this annual survey, holiday sales could decline between 2% and 5% compared to last year, said CUNA Chief Economist Bill Hampel.
He said during each of the last five years between 30% and 35% of those surveyed said they plan to cut back holiday spending. The dramatic increase this year cut across all age and income groups.
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