Concerns about food and energy costs, job uncertainty and the economy will limit the money that consumers plan to spend over the holiday season.
Deloitte LLP’s 23rd Annual Holiday Survey, released Tuesday, found 60 percent of Americans plan to spend less and will shop more carefully. Necessities will take top priority, and indulgen ces are off the table.
The survey found that consumers will spend an average of $532 on gifts and will buy fewer gifts.
In a separate report, the International Council of Shopping Centers predicted a modest 1.7 percent increase in retail sales for the November-December season. Typically, holiday sales growth has averaged 4 percent.
Deloitte’s survey found consumers are pessimistic, with 53 percent believing the economy will become weaker next year and 19 percent feeling their jobs are not very secure. In addition, 11 percent of consumers polled are still paying holiday debt from last year. Elizabeth Aguilera, The Denver Post
