One-third (33%) of U.S. families are making less money as a result of job loss, moving to a part-time job and/or working at a lower-paying job, which may have an impact on holiday shopping.
In addition, according to three recent consumer surveys from America’s Research Group (ARG), 40% of parents are trying to save as much money as they can for their children's college education, 38% of families did not take a vacation this year of four days or longer, and 44% of parents will do most of their back-to-school apparel shopping in December when the deals are better.
"All these things are going to affect Christmas shopping,” said Britt Beemer, chairman and CEO of ARG. “What is going to happen this year is going to be that families are not going to be able to have anything extra to splurge on and that's the issue. Last year, 38% of adults did not buy gifts for each other, that number will likely be higher this year.”
The ARG research consisted of three national surveys: one conducted the first weekend in October; a back-to-school shopping survey conducted the second week in July; and the survey conducted the weekend after Labor Day weekend.