Holiday blues? Many consumers cutting back on seasonal shopping

10/29/2009

Money management is on the minds of many consumers for this holiday season, a recent poll showed.

According to a Consumer Reports survey, 65 percent of respondents said they plan on cutting back on holiday expenses, which shows that consumers are concentrating on debt management.

In fact, Consumer Reports stated that a few consumers are still feeling the crunch from last year's holiday shopping. About 6 percent of Americans are still facing debts derived from shopping for the holidays last year.

"This year, it all comes down to value and getting the best bang for your shopping dollar," said Tod Marks, a senior editor with Consumer Reports.

The survey shows that personal budgeting is going to play a heavy role in consumers' shopping plans. Of respondents, 50 percent said they would make out a budget for their holiday spending. Furthermore, when it comes to cutting back, 78 percent said they were most likely to not spend money on themselves.

Though consumers may plan on cutting back, there are some money saving tips people can follow when shopping for gifts. Some consumers may consider shopping online because some retailers offer internet-only sales. Also, people may consider layaway programs, which are coming back into favor.

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