The results of a survey released Monday showed that more consumers anticipate spending less during the holidays this year.
In its 16th annual consumer survey, the Consumer Federation of America and CUNA reported 38% of respondents said they will reduce the amount of their holiday spending, an uptick from the 33% reported in 2014.
During a press conference held to discuss the survey, CUNA Chief Economist Bill Hampel said people are more inclined to say they will spend less, but only during the financial crisis did holiday spending amounts actually decline. "Spending never declines," he said of the numbers.
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Hampel said he anticipates a 3% increase in holiday spending levels compared to last year.
Additionally, the report surveyed participants on their personal financial situations. Overall, 29% reported better personal financial conditions compared to the previous year, whereas 24% reported worse conditions compared to 2014. Twelve percent said their financial situation is "much better" this year, an increase from the 9% who said so last year, and 17% said they are "somewhat better," a drop compared to last year's 19%.
When asked if they are in possession of extra funds to pay an unexpected $1,000 expense, 44% of respondents stated they do not have the funds, compared to 47% in 2014.
"[T]he fact that more than two-fifths of Americans report that they lack sufficient extra funds to cover an unexpected $1,000 expense is cause for concern," Consumer Federation of America Executive Director Stephen Brobeck said in a release.
The survey also reported 43% of respondents are concerned about meeting monthly debt payments, which represents no change from 2014's results.
The two groups offered several tips for helping to save during the holiday shopping season, including creating a shopping list and comparison shopping between online and in-store offerings for additional savings.
The CFA and CUNA conducted the survey between Nov. 5 and Nov. 8 with 1,000 participants via cell phones and landlines.
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