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Release date 10/28/2010
YONKERS, NY — Some shoppers may be loosening their financial belts a bit this holiday season, but ongoing economic turbulence continues to motivate many to insist on getting a bigger bang for their buck. According to a new Consumer Reports Holiday Shopping Poll, about one in three Americans plan to spend less this holiday season, down from 42 percent in 2008. The full results of this latest poll are available at www.ConsumerReports.org.
“Consumers are optimistic, but they don’t necessarily believe that happy days are here again. Credit is tight, unemployment remains high, the value of their homes has dropped and many Americans are facing the prospect of higher taxes of all levels,” said Tod Marks, Consumer Reports senior editor and resident shopping expert. “So while it’s a bit surprising that some plan to spend somewhat more than last year, the fact is they’re insisting on value, value, value.”
In a previous poll conducted by Consumer Reports at the conclusion of the last holiday shopping season, shoppers estimated they spent on average $811 – 16 percent higher than what they had planned. The majority of those recently surveyed plan to use cash as often and about four in ten will cut back on credit and debit card spending. That’s probably a good thing. In 2009, Americans who paid with credit cards charged more than they anticipated – $180 more on average.
Another problem with using credit cards is that consumers tend to carry debt for a long time. The latest Consumer Reports Holiday Shopping Poll revealed some 13.6 million Americans remain saddled with last years’ leftover holiday debt.
Additional findings from Consumer Reports first Holiday Shopping Poll of 2010 include:
‘Tis Better to Give Than Receive
Tackling Holiday Shopping
Budgets on the Decline
Happy Holidays Are Here Again
Consumer Reports Holiday Shopping Poll Methodology
The Consumer Reports National Research Center conducted two telephone surveys of a nationally representative probability sample of telephone households. 1,023 interviews were completed among adults aged 18+ between January 7 – 10, 2010 for the post 2009 holiday data. Another 1,010 interviews were completed among adults aged 18+ between October 14 – 18, 2010. The margin of error is +/- 3% points at a 95% confidence level.
Consumer Reports is a nonprofit membership organization that works side by side with consumers to create a fairer, safer, and healthier world. For 80 years, CR has provided evidence-based product testing and ratings, rigorous research, hard-hitting investigative journalism, public education, and steadfast policy action on behalf of consumers’ interests. Unconstrained by advertising or other commercial influences, CR has exposed landmark public health and safety issues and strives to be a catalyst for pro-consumer changes in the marketplace. From championing responsible auto safety standards, to winning food and water protections, to enhancing healthcare quality, to fighting back against predatory lenders in the financial markets, Consumer Reports has always been on the front lines, raising the voices of consumers.
© 2010 Consumer Reports. The material above is intended for legitimate news entities only; it may not be used for advertising or promotional purposes. Consumer Reports® is an expert, independent, nonprofit organization whose mission is to work side by side with consumers to create a fairer, safer, and healthier world. We accept no advertising and pay for all the products we test. We are not beholden to any commercial interest. Our income is derived from the sale of Consumer Reports® magazine, ConsumerReports.org® and our other publications and information products, services, fees, and noncommercial contributions and grants. Our Ratings and reports are intended solely for the use of our readers. Neither the Ratings nor the reports may be used in advertising or for any other commercial purpose without our prior written permission. Consumer Reports will take all steps open to it to prevent unauthorized commercial use of its content and trademarks.
Consumer Reports is a nonprofit membership organization that works side by side with consumers to create a fairer, safer, and healthier world. For 80 years, CR has provided evidence-based product testing and ratings, rigorous research, hard-hitting investigative journalism, public education, and steadfast policy action on behalf of consumers’ interests. Unconstrained by advertising or other commercial influences, CR has exposed landmark public health and safety issues and strives to be a catalyst for pro-consumer changes in the marketplace. From championing responsible auto safety standards, to winning food and water protections, to enhancing healthcare quality, to fighting back against predatory lenders in the financial markets, Consumer Reports has always been on the front lines, raising the voices of consumers.
© 2010 Consumer Reports. The material above is intended for legitimate news entities only; it may not be used for advertising or promotional purposes. Consumer Reports® is an expert, independent, nonprofit organization whose mission is to work side by side with consumers to create a fairer, safer, and healthier world. We accept no advertising and pay for all the products we test. We are not beholden to any commercial interest. Our income is derived from the sale of Consumer Reports® magazine, ConsumerReports.org® and our other publications and information products, services, fees, and noncommercial contributions and grants. Our Ratings and reports are intended solely for the use of our readers. Neither the Ratings nor the reports may be used in advertising or for any other commercial purpose without our prior written permission. Consumer Reports will take all steps open to it to prevent unauthorized commercial use of its content and trademarks.