CONSUMERS WILL SPEND 15% LESS ON CHRISTMAS

More good news from our ever expanding economy.

"Cash-strapped US consumers plan to spend about 15 percent less on Christmas gifts in 2009 than they did last year, a credit industry research group reported Wednesday.

On average, shoppers are expected to spend 723 dollars on holiday presents this year, compared to 831 dollars in 2008 and 896 dollars in 2007, Discover Financial Services said.

Women will outspend men slightly, dishing out an average of 742 dollars compared to 702 dollars, according to a survey by the credit group.

Some 47 percent of consumers reported plans to spend between just 100 and 500 dollars on their holiday shopping, while a quarter said they will spend between 500 and 1,000 dollars.

Nearly half (43 percent) of subjects surveyed said they plan to spend less on holiday gifts than they did last year.

About two-thirds of respondents (63 percent) said they are very worried about the state of their personal finances, a decrease from last year, when 74 percent of recession-hit shoppers reported similar concerns."

AFP