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Holiday Shoppers Rein in Spending

Survey by Duluth-based Georgia Credit Union Affiliates shows most Georgians plan to spend about the same or less on Christmas gifts.

Only 3.3 percent of Georgians are planning to spend more on gifts this holiday season, according to the latest poll from Duluth-based Georgia Credit Union Affiliates (GCUA). That means 96.7 percent of shoppers will be spending the same or less as in 2011.

The survey also revealed:

  • 70.1 percent plan to use cash this holiday season
  • 12.4 percent of respondents plan to pay for most purchases with a credit card, down from 15.9 percent last year
  • 57.5 percent report their holiday spending will be at or below $500
  • 48.2 percent of respondents plan to spend the same as they did in 2011
  • 48.5 percent plan to spend less than they did a year ago

GCUA reported that retail sales for the holiday season are expected to grow 4.1 percent, less than the 5.6 percent increase experienced in 2011.

Also, a survey conducted by American Express and the Harrison Group found that while the top 10 percent of the population will spend nearly 22 percent more on gifts than they did last year, overall gift giving is expected be down.

Are you planning on spending more, less or about the same on Christmas gifts this year? Tell us in the comments.

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