Recession Watch: 39% of Consumers Expect to Spend Less Than Last Year

Many consumers are saying they will not spend as much as last holiday season, according to a Reuters/Zogby poll. About 38.8% of the people surveyed said they will be spending a little to a lot less, up from 31.1% just one month ago. "You still have a significant number of people who are talking about the 'R' word, recession... Secondly, in addition to seeing oil prices hover around the $100 mark, consumers are actually seeing it at the pump," said John Zogby, president of Zogby International. Of the 1,009 participants in the survey, 10.7% said they would spend a little to a lot more than last year, and nearly half said they would spend the same. The survey also revealed a growing trend; consumers are getting a little "fed up" with the immoderation of the holidays, and are looking to cap spending as a result. Also noteworthy, of the shoppers who said they shop at Wal-Mart a couple times a month, 44.2% said they would spend less in the holiday season. The poll was taken from November 14th - 17th, and has a margin of error of 3.1%.

Sources: Reuters
Commentary: Are Consumers Finished... This Time? • Zales: Customers Hit Hard By Housing Market Bubble and Overextended Credit
Stocks to watch: WMT. ETFs: VCR, IYC

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