Survey Says Americans Continue Spending As Usual, Yet Store Sales Slump

December 25, 2008 11:20 a.m. EST

New York, NY (AHN) - While most Americans have been directly affected by the sharp decline in the nation's economy, a new survey reports a majority of Americans still feel a sense of obligation, both to their family and the country, to maintain holiday gift giving and celebrations.

More than 54 percent of the 1,762 adults surveyed know someone who has become unemployed in the past 6 months. However, 58 percent report they expect to spend the same amount this year on the holidays as they did last year, according to the survey, sponsored by a new magazine and website called Dollar Savvy.

What some may consider a sign of the commercialization of the holidays:

-- Over half (51 percent say they have a responsibility to keep shopping to help the economy. -- 57 percent of respondents say regardless of the nation's economic reality, they have an obligation to provide their families with a wonderful holiday season. -- 20 percent of respondents acknowledged they are dipping into savings to pay for holiday celebrations.

Survey respondents expressed a sense of optimism about the future, and noted that the economic downturn is helping readjust priorities in a positive way. Among findings survey respondents revealed:

When it comes to gift-giving, Americans will continue to give store-bought gifts, but 20 percent said they plan on giving more homemade gifts this year. In keeping with their perspective on the economy, 53 percent said they expect the number of gifts they receive this year to be less than last year; 41 percent said they expect it to be about the same.

Another Consumer behavior group called ShopperTrak reports traffic at the nation's retail stores declined 23.7 percent and sales fell 5.3 percent compared with the period a year ago as concerns about the economy and snowstorms kept many shoppers at home. In 2007 foot traffic increased 7 percent and sales jumped 11.5 percent, according to ShopperTrak's numbers.

On January 8, when retailers report their end of the year sales figures, a clearer picture of American's spending habits this holiday season will emerge.