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Slumping financial development and an unpredictable employment circumstance might play the Grinch to many individuals’s holidays this year.
An online survey of over 2,000 individuals carried out by Harris Interactive for online loan provider CashNetUSA discovered that nearly half of Americans (46 %) will be cutting their vacation spending this year compared to 2012. This follows a sharp decrease in consumer confidence in October.
The hardest attacked category of spending is on family members, with 63 % reporting that they’d cut spending on presents for family members. At the same time, 54 % strategy to spend less on gifts for non-family members such as educators or provider. Other classifications like decorations and vacation meals are taking a hit, with 47 % and 43 % cutting spending on these categories.
A brighter spot is investing on kids and grandchildren, with only 35 % reporting lower spending on presents for them.
Geographically, the South fares the worst, as 55% of those surveyed from the area plan to cut spending this year.
According to Megan Staton, director of marketing for CashNetUSA, ‘Americans are focusing on standard spending and reducing what’s viewed as non-essential costs. With prices enhancing and paychecks remaining the same or declining, many Americans have no option however to shorten the length of their vacation buying lists.’
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