Tags: Bankrate | Spend | Holiday | Season

Bankrate: 42 Percent to Spend Less This Holiday Season

Tuesday, 29 Nov 2011 08:57 AM

Some 42 percent of Americans will spend less this holiday season than they did last year, a Bankrate.com study finds.

Only 10 percent say they'll spend more, the Bankrate.com November Financial Security Index poll finds.

"Throughout 2011, we have observed that consumers are worried about their savings, job security, debt and net worth, and that trend has accelerated during the second half of the year," Greg McBride, senior financial analyst for Bankrate.com, says in a statement.
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Still, not everyone pinches pennies as much as they say.

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(Getty Images photo)
"While consumers indicate a reluctance to spend more this holiday season, there is a notorious disconnect between how consumers feel and how consumers act, particularly regarding spending."

Job security is really dampening holiday spirits this season.

Only 13 percent of Americans feel more secure in their jobs now than one year ago, a figure that brought the overall Financial Security Index down to 92.5, just above a 2011 low of 92.3 recorded in August, the time of the debt-ceiling debacle.

Any reading below 100 indicates decreasing levels of financial security compared to 12 months earlier, Bankrate.com says.

Still, consumers may be showing signs of growing weary of dismal economic and political news and are ready for some shopping.
Black Friday sales increased 6.6 percent to $11.4 billion, according to Chicago-based research firm ShopperTrak.

"This is the largest year-over-year gain in ShopperTrak's National Retail Sales Estimate for Black Friday since the 8.3 percent increase we saw between 2007 and 2006," ShopperTrak founder Bill Martin says in a statement.

"Still, it's just one day. It remains to be seen whether consumers will sustain this behavior through the holiday shopping season."

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Some 42 percent of Americans will spend less this holiday season than they did last year, a Bankrate.com study finds. Only 10 percent say they'll spend more, the Bankrate.com November Financial Security Index poll finds. Throughout 2011, we have observed that consumers...
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Tuesday, 29 Nov 2011 08:57 AM
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