Not surprising, boomers are staying frugal this holiday season. The Thrivent Financial Market Volatility Survey, a national survey of 947 boomers, reveals 63 percent expect to cut back on overall spending through the holidays due to market concerns.
Charity spending and holiday travel is being cut out of the holiday budget as well, as 33 percent expect they will reduce contributions and 19 percent will cancel their vacation. The study further indicates it’s the female boomers that will be more apt to cut back than males.
“Our survey suggests that retailers, nonprofits and the travel industry just might find a lump of coal in their Christmas stocking,” says David Heupel, a senior equity portfolio manager with Thrivent Financial. “Consumers seem to be motivated to make short-term sacrifices to protect themselves against further market and economic worries.”