AUGUSTA, GA (WFXG) - Georgia consumers don't plan to spend any more money on holiday shopping this year than they did last year, according to a recent survey by Georgia Credit Union Affiliates.
About 52.7 percent of consumers plan to spend the same on holiday purchases as they did last year, the study shows. About 38.9 percent plan to spend less this year.
Reasons for the conservative holiday spending? There are only 25 shopping days between Thanksgiving and Christmas – six fewer days than last year. Experts are predicting that the shorter time frame, coupled with uncertainty by the recent government shutdown, is leading consumers to be more cautious about holiday spending.
The survey reported that 43 percent of respondents plan to spend $100 to $500, and 30 percent plan to spend $500 to $1,000 on holiday purchases.
The survey also revealed:
- 55 percent of consumers do not save throughout the year for holiday spending
- 18 percent of consumers plan to pay for purchases with money from a bank account
- 17.2 percent of consumers plan to pay all or mostly by credit card
- 61.2 percent of consumers plan to pay all or mostly by cash