ALBUQUERQUE, N.M. (12/5/14)--Credit Union Association of New Mexico President/CEO Paul Stull offered an enthusiastic holiday spending forecast in a television interview with KOAT-TV.
In the interview, Stull cited the results of the holiday shopping survey conducted by the Credit Union National Association in collaboration with the Consumer Federation of America (CFA).
According to the survey, 27% of Americans say they have bigger paychecks this holiday season, Stull told KOAT-TV. Nationally, 10% of shoppers plan to spend more on holiday shopping than they did last year.
In New Mexico, shoppers are even more enthusiastic. About 14% of shoppers in the Land of Enchantment said they plan to spend more than they did last year.
Even with that increased enthusiasm, retailers will still try to entice consumers to buy even more, Stull said. "They will be lowering prices in an attempt to get more money in the door," he said. "That's good for consumers."
This is the 15th year that CUNA and CFA have conducted the annual holiday spending survey, which interviewed 1,009 adults by phone from Oct. 30 to Nov. 2 (News Now Nov. 25).
In a press conference last month, CUNA Vice President of Economics and Statistics Mike Schenk said the projected increase in spending this holiday season will be roughly 3% to 3.5%. Schenk said the survey responses don't always correlate with an increase or decrease in spending.