Poll shows Americans pulling back on spending
In a recent CNN poll, 67 percent of adults said they are cutting back on the money they plan to dish out this holiday season. Similarly, 65 percent said they are cutting back on leisure travel, dining out or going to the movies.
The poll, which was conducted by CNN and the Opinion Research Corp. Dec. 1-2, questioned 1,096 adults.
“That means that cutting back on holiday (spending) is the number one way that Americans are reacting to the recession,” said Keating Holland, CNN polling director. “More Americans are cutting their gift-giving budget than are cutting back in any other category of spending, from leisure activities, like going to movies or restaurants, to clothing to major purchases such as furniture or other appliances.”
But cutting back on holiday spending isn’t the only thing people are doing to curb spending amid a worsening economy. According to the poll, 31 percent of the respondents said they had cut back on necessities such as food or medicine; another 38 percent said that they had cut back on heating or electric bills.
“No wonder so many Americans are stressed out this holiday season,” Holland said.
Additionally, nearly 50 percent of the respondents said they had postponed major purchases such as appliances or furniture.