The Chicago Tribune reports that while the holiday season is well underway, consumers are more hesitant to spend this time around.
Improving economic data haven’t put many Americans in the yuletide spirit, with nearly four in 10 saying they will spend less this holiday season than they did last year, according to survey results released Monday.
Just 14% of consumers in the Bankrate.com survey said they planned to increase their holiday spending. Nearly half — 47% — said they planned to spend the same amount.
But 38% of the respondents in the Dec. 5-8 survey said they would spend less this year on gifts and other purchases.
The 16-day partial federal government shutdown in October may be one factor that soured the mood for consumers heading into the crucial end-of-the-year holiday shopping season.
Although financial worries related to the shutdown have disappeared and recent reports have indicated the economic recovery is strengthening, many people still are hesitant to spend, said Greg McBride, Bankrate.com’s senior financial analyst.