CUNA and the Consumer Federation of America delivered good news to the nation's retailers Wednesday: according to the groups' annual survey, consumers plan to spend more on holiday gift giving this year.
Based on survey results collected from 1,012 respondents, CUNA Chief Economist Bill Hampel forecasted a 3.5% to 4% increase in spending over last year, representing the fourth year in a row spending has increased since declining sharply in 2008.
About 12% of respondents said they would spend somewhat or much more than last year, compared to 8% in 2011. Forty-five percent said they would spend about the same as last year, and 38% said they would spend somewhat or much less, a drop from 41% who said they would spend less in 2011.
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