Americans Plan to Spend Less this Holiday Season
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lola1960/Thinkstock(NEW YORK) — While Americans may feel more financially secure than they did a year ago, many plan to spend less on holiday shopping, a new survey from Bankrate shows.
“Almost 40 percent say they actually plan to spend less this year,” says Greg McBride, a senior financial analyst for Bankrate. “And only about one in seven Americans actually intends to spend more this year than they did during holiday shopping a year ago.”
Flat living standards are a reason for consumer caution.
“For a lot of people, their incomes haven’t increased or they certainly haven’t increased at the rate of other expenses,” says McBride.
“American consumers don’t have a whole lot of extra money to throw around,” he adds.
As a result, many shoppers are turning to their smartphones to carefully track prices. Others are haggling over the price of goods — even in department stores.
Increasingly, retailers are offering to match competitors’ prices. Some employees have also been trained to bargain with shoppers.
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