Holidays
Survey predicts doliday spending slowdown
Consolidated Credit Counseling Services has disclosed a holiday spending survey that points to slower holiday sales.
The Fort Lauderdale-based credit counseling service said 62 percent of people who responded to its annual poll said they plan to spend less money this year. Last year, the nonprofit said, most respondents said they planned to spend more.
More than 43 percent of respondents said they are paying off debt from last holiday season, Consolidated Credit said. Last year, the service said, 30 percent of respondents gave that explanation for their spending habits.
"The tough economic conditions in 2005 did not enable consumers to pay their debts in a timely manner," said Howard Dvorkin, Consolidated Credit founder and author of "Credit Hell: How to Dig Out of Debt."
In terms of what they will spend, Consolidated Credit said nearly 30 percent of respondents said they plan to spend $300 to $500. More than 21 percent plan to spend $500 to $1,000 and close to 5 percent said they will spend more than $1,000, the nonprofit added.
Marketers chasing those dollars may want to plan by gender. Consolidated Credit said more than 2 percent of men said they plan on doing all of their shopping online, about triple the percentage of women who divulged the same plans.
The survey, the sixth in an annual series, is an online, random sample of 588 respondents,
Consolidated Credit said.
