CNBC Survey: Holiday Spending Will Slump, as Wealthy Pull Back

Monday, 16 Dec 2013 11:20 AM

By Dan Weil

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Holiday spending will slide 9.4 percent this year compared with 2012, as the wealthy in particular clutch their purse strings tightly, according to the CNBC All-America Economic Survey.

The poll of 800 people shows Americans will spend only about $681 for the holidays, about the same as 2009, when the economy was in the early stages of recovery, CNBC reports.

As for the wealthy, those with income of more than $100,000 plan to shell out $300 less than last year, following two years of solid gains.

Editor’s Note:
New Video: Obama Plans to Redistribute Seniors’ Wealth

Among all respondents who say they will spend less this year, 26 percent attribute the decision to their own lower incomes, 22 percent to a weak economy and 13 percent to concern about the recent fighting in Washington.

When it comes to stocks, the wealthy are apparently feeling more optimistic. People with more than $50,000 in the stock market or income of at least $100,000 believe that this is a good time to invest in stocks by a margin of 7 to 2.

Looking at respondents as a whole, only 15 percent of them view the economy as excellent or good, while 83 percent grade it as fair or poor.

"Consumers are generally not in a great mood, feeling very uneasy about the economy and their jobs, and are looking for value this year," Stephen Stanley, chief economist at Pierpont Securities, writes in a commentary obtained by Bloomberg.

Editor’s Note: New Video: Obama Plans to Redistribute Seniors’ Wealth

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