This Christmas season, roughly $715 will be spent by consumers for gifts, reports Gallup. This is lower than 2009’s $740 per person, and 2008’s $801 per person. The recession is still breathing in our economy and we can see it here. This poll, by Gallup, reports our fears are true: consumer confidence as well as discretionary income are low.
The muted nature of this year’s decline is reflected in consumers’ own evaluations of their spending changes. According to the Oct. 7-10 poll, 27% of Americans intend to spend less on Christmas gifts this year than what they spent last Christmas — higher than the 11% who now say they will spend more, but down from the 35% and 33% in 2008 and 2009 saying they would spend less.