Americans are in a grim mood, and it’s showing in their plans for holiday shopping, with 82% saying they will spend either the same as last year or less.
Results released Monday of a survey by America’s Research Group found that more than half of survey respondents said the economy will get worse before it improves, according to a Reuters report. Approximately 51% said they did not feel better about their family’s financial situation than they did last year.
Britt Beemer, president of America’s Research Group, pointed out in the report that consumers had a laundry list of costs and expenses that were eating up money they might otherwise have for holiday celebrations: higher costs for food and other items, fewer pay raises to help pay for them, falling home values and the political atmosphere in Washington.