WASHINGTON (11/26/14)--The holiday shopping survey conducted by the Credit Union National Association, in collaboration with the Consumer Federation of America (CFA), was picked up broadly in the national media Tuesday after a Monday press conference where the results were announced.
Stephen Brobeck, right, of the Consumer Federation of America and Mike Schenk of the Credit Union National Association deliver the 2014 outlook for holiday spending. (Cronkite News Photo)
The 15th annual holiday spending survey also found that only 10% plan to spend more--compared with 13% last year--and that, overall, holiday spending will climb 3% to 3.5% (News Now Nov. 25).
Spending will rise modestly, but the survey found many consumers have "significant concerns about their personal finances," said Schenk in CBS Money Watch (Nov. 24).
Survey results also were picked up in the Detroit Free Press, Cronkite News, American Banker and by local news affiliates. CNBC, ABC Radio and Voice of America attended the press conference Monday, and several interviewed both Schenk and Brobeck individually.
Because of concerns over finances and weak income gains, "we expect the increase in holiday spending this season to be modest," Schenk told Cronkite News (Nov. 24).
Added Brobeck: "During the great recession, some consumers were thrashing around financially, but quite a large number were sinking. The rising economic tide has not raised all boats equally."
In a piece from NBC affiliate KGNS-TV 8, Brobeck was quoted during the press conference as saying: "Somewhat shockingly, nearly half of Americans say that they don't have extra funds to cover a $1,000 unexpected expense. These Americans in particular need to limit spending despite expectations that are encouraged by massive and relentless holiday marketing."
The survey found that nearly twice as many of those with low incomes (37%) than those with high incomes (19%) said they would spend less money this year.
Overall, 33% said they would spend less this year, compared with 32% in last year's survey who said they would spend less than in the previous year. In 2008, 55% said they would spend less.