Dec 7, 2012
Poll Shows Overwhelming Majority of Consumers Will Cut Back
Or Spend Zero on Holiday Purchases
Rochester, NY – Consumer Credit Counseling Service of Rochester is releasing the results of a November poll sponsored by the National Foundation for Credit Counseling (NFCC). The poll asked consumers questions regarding holiday spending. The results revealed that 50 percent of consumers intend to spend less on holiday purchases this year than last, indicating they are in a worse financial position, while thirty-seven percent plan to spend nothing at all, as they fear further financial distress.
While this total of 87 percent is a shocking number, when asked the same question in 2011, 91 percent of respondents indicated their intention was to cut back or spend zero on holiday gifts, demonstrating a positive year-over-year trend.
“This statistic speaks loudly, and underscores that consumers are not willing to repeat the mistakes of Christmases past by spending irresponsibly this year,” said Lynette Baker, Director of Marketing for CCCS of Rochester.
Holiday spending can financially make or break retailers. The same is true for consumers. Don’t let it be your personal fiscal cliff.
“It takes strong will to not become an emotional spender during the holidays,” continued Baker. “It appears as though consumers have learned a tough lesson, and will emerge better equipped to face future financial challenges.”
The actual November poll question and responses are as follows:
This holiday season I will…
- Spend as I did last year because my financial life is stable = 11%
- Cut back on spending, since I am worse off financially this year = 50%
- Spend more than last year because I am in a better financial position = 3%
- Not spend at all, because I anticipate further financial distress = 37%
For help developing a holiday budget, controlling spending, or any other personal finance concern, contact CCCS of Rochester at 585-546-3440 or visit our website at www.cccsofrochester.org.
Note: The NFCC’s November Financial Literacy Opinion Index was conducted via the homepage of the NFCC Web site (www.DebtAdvice.org) from November 1 - 30, 2012 and was answered by 1,413 individuals.
About Consumer Credit Counseling Service of Rochester
Consumer Credit Counseling Service of Rochester is proud to be the only locally based non-profit Credit Counseling Agency in the area. Over the last 42 years, we’ve helped hundreds of thousands of people understand their options for improving their personal finances and getting out of debt- helping to keep their families and homes secure. CCCS of Rochester is a leading provider of credit counseling, financial education and debt management plans. We provide free education for many local area businesses and not for profit agencies. We are non-profit, 501 (c) 3 community service organization that is accredited by the Council on Accreditation for Children and Family Services. CCCS of Rochester is licensed by the NYS Department of Financial Services and is a member in good standing of the Better Business Bureau, maintaining an A+ Rating. By providing financial education and teaching responsible debt management and budgeting principles, we can safely help you improve your financial situation. Visit our website at www.cccsofrochester.org .