CNN poll: 50% of Americans spending less on gifts
CNN poll finds that nearly half of Americans will spend less this season on gifts, and that charitable contributions will be down.
NEW YORK (CNNMoney.com) -- A lot of Americans will be cutting back on spending for their families and others this holiday season, and will be more practical with the gifts they give, according to a CNN/Opinion Research poll released Monday.
According to the poll, 49% of those surveyed said they'll spend less on holiday gifts this year than they did last year. Another 39% said they'll spend at 2008 levels, while 12% indicated they'll spend more.
The poll also found that 51% of those surveyed will cut back in what they'll make in charitable contributions due to economic conditions this year, while 44% said the economy will have no impact on their giving.
There may not be a lot of extravagances under the tree or menorah this season. The CNN poll found that 68% of those surveyed will be buying gifts that people need, compared to 27% who will be purchasing gifts that people might enjoy and 4% who play to buy both practical and fun gifts.
But a majority of Americans do have holiday spirit. The poll found that 59% of those polled do not believe economic conditions will make this season more stressful, compared to 40% who do.