Recession Fears to Curb Spending
The nation's recent economic woes has many workers planning to cut back on spending over the holiday season, a new survey found.
Of more than 1,000 workers polled at small and midsize businesses nationwide, 29 percent said they expect to reduce their holiday spending this year, while 59 percent said they planned to spend about the same as last year, according to the Principal Financial Group. Most expect to spend between $101 and $500. The cutbacks included eating out less often, buying fewer consumer goods, and going to fewer movies and shows, the survey found.
More than 70 percent of respondents said they felt the economy had already fallen into recession or was heading that way, while 37 percent said they were worried about job security, up from 22 percent earlier this year.
"Uncertainty about the direction of the economy clearly is top of mind as Americans navigate the holiday shopping season, " Dan Houston, the Des Moines, Iowa-based financial services firm's executive vice president of retirement and investment services, said in a statement.