WASHINGTON — CUNA and the Consumer Federation of America's eighth annual survey of consumer holiday spending found that the rising cost of gas and home heating is the most common factor cited affecting holiday spending.
"By a wide margin, the strongest negative influence on holiday spending plans this year is the high cost of gasoline and home heating," CUNA Chief Economist Bill Hampel said during a press conference at the National Press Club this morning. "Thirty-eight percent of respondents said that high energy and gasoline costs would have a negative effect on their spending plans this year compared to only 32% who cited the same reason last year."
Last year at the same time, Hampel said, gas was at $2.25 a gallon and falling while this year it is over $3.00 and rising.
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