Survey: Economy Forcing Consumers to Change Holiday Traditions

Yonkers, N.Y. With money concerns looming, more than two-thirds (69%) of Americans are changing their family's holiday gift-giving traditions this year, according to Consumer Reports’ latest Holiday Shopping Poll.

Among the changes, 37% of families are setting a spending limit for gifts, 14% are making homemade gifts, and 6% are not exchanging gifts at all.

Until now, the pace of holiday shopping was similar to years past, but Consumer Reports’ latest poll found a significant slowdown in shopping. As of Dec. 7, only 56% of consumers have started their holiday shopping. That is down from 62% at this time last year and down more than 10 percentage points from 2006.

The last three weeks of the year could be frantic for many shoppers. Over one-quarter (29%) of consumers do not anticipate finishing their holiday shopping until Dec. 23 or later. One in 10 shoppers don't anticipate finishing their shopping until the evening of Dec. 24.

Recommended stories

Login or Register to post a comment.