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Cash reigns supreme for U.S consumer spending this holiday season
December 9, 2008
CHICAGO — In a recent survey about holiday spending, 73 percent of consumers said they will buy gifts with cash this year.
The survey, commissioned by TrueCredit.com and conducted by Zogby International, identified some interesting consumer-spending twists, which directly relate to the struggling economy. Zogby's online survey, conducted between Nov. 25 and Dec. 1, included 2,520 adults in the United States.
"While clipping coupons and bargain hunting are effective ways to pinch pennies, now more than ever, consumers need to plan for long-term savings," said Lucy Duni, vice president of consumer education at TrueCredit.com by TransUnion. "During the holidays, it's important for consumers to take a holistic approach to their spending, to ensure they don't rack up debt that will impact their credit long after the holidays are over."
Despite a boost on Black Friday, the National Retail Federation is still forecasting U.S. retail industry sales will only increase 2.2 percent in 2008 — the least amount of growth in six years.
Not surprisingly, a majority of consumers (54 percent) say they plan to spend less this holiday season, according to a survey, and 45 percent say they are controlling their holiday budget by spending less per person. Only 18 percent plan to use their credit cards.
Among the tips TrueCredit.com recommended for consumers was a suggestion to visit the ATM for cash to be spent, rather than relying on a debit transaction.
"Go Green: Go to the ATM and take out the amount of cash you plan to use for the day. Put it in your wallet. When your wallet is empty, stop shopping," TrueCredit.com suggests.
According to the survey, more than half of Americans have between one and five retail credit cards, and 2 percent say they have seven or more.
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