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Deloitte holiday survey: Giving steady, but spending slides

New York – Consumers are expecting a couple of contradictory things for this holiday season – they plan to buy more gifts but spend less money.

According to Deloitte’s 22nd Annual Holiday Survey, 41% of consumers plan to reduce their spending this season. On the hit list for fewer expenditures: home/holiday furnishings, home improvement, socializing/entertainment, charitable donations and non-gift clothing.

“Surprisingly, the recent credit crunch was not cited as a primary reason for spending less this year,” according to the report. “Lower income households were more likely to cite higher food and fuel costs as a primary reason for spending less year, while those at higher income levels were more likely to cite volatility in the stock market and declining home values.”

Department stores and discounters remain the top destinations. Gift cards are still hot, with 69% of consumers planning to by them vs. 66% last year.

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