U.S. households could cut spending on Christmas gifts by about 11.3 percent this year, the Conference Board said on Friday, as the worst economic crisis since the Great Depression erodes consumer wealth.
The Conference Board’s Christmas gift spending intentions survey covering 5,000 households found that consumers were in a less-generous mood, planning to spend an average of $418 on presents, compared with last year’s estimate of $471. The survey was conducted in November.
“This is shaping up to be one of the most challenging holiday seasons in years and it’s going to take more than the usual discounts and incentives from retailers to get consumers to spend more freely,” said Lynn Franco, director of the Conference Board Consumer research center.
SOURCE: Reuters
I can see where it could be worst than what this research says, with more and more workers losing their jobs and no one in government including Obama is doing nothing about it. Well why should they worry, they have money to spend that they have made from the taxes of The American people. Most all the politicians are rich…so wish them all a Merry Christmas and a Happy New Year!
goodtimepolitics
4 responses so far ↓
diogenes // November 22, 2008 at 4:01 pm
“…and no one in government including Obama is doing nothing about it.”
Guess you didn’t see Obama’s address today, when he announced a jobs program that is designed to help create 2.5 million jobs. Which he’s asking Congress to pass right after he is sworn in on January 20, so he can sign it into law.
You DO remember that Obama hasn’t been sworn in as President yet, right? Anything Congress does now, at Obama’s urging, would merely be vetoed by smart ole Bushie.
goodtimepolitics // November 22, 2008 at 8:15 pm
Anyone can get up in front of a mike and say they’re going to give everyone a job or a million dollars, but thats just talk, lets see some action for that change he promise! Obama is still talking campaign points!
diogenes // November 23, 2008 at 5:32 pm
Bushie is still our President. Obama doesn’t have any authority to do anything… YET.
For the record, show us where Obama had a campaign talking point about creating 2.5 million jobs to combat an economic crisis that didn’t rear its ugly head until mid-September 2008.
Abd, lastly, evidently not ANYONE can get up in front of a mike and say they’re going to give everyone a job. Bush surely hasn’t!
lukemcgook // November 23, 2008 at 10:44 pm
How come he’s only going to create 2.5 million jobs? With Bushie gone, it seems like a lightworker of Obama’s caliber ought to be able to create 2.5 *bazillion* jobs. This has got to be sort of a letdown for his supporters. Hope, baby, hope!