Holiday Spending Poll, Consumers Cutting Back by 65 Percent

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Christmas Packages this year...

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A new Consumer Reports Poll indicates that 65% of consumers will be cutting back on their holiday spending this year. Those surveyed said they will scale back their spending on clothing and electronics - still the biggest seasonal gift categories- as well as other items such as gift cards, monetary presents, and jewelry.

The poll says the exceptions in terms of electronics are cell phones, mobile devices and computers. The consumer reports survey goes onto to say that a third of those survey have already started their holiday spending.

This is the second year in a row that holiday shoppers have said they will not be spending as much as usual. In 2008 the consumer reports poll showed that consumers would be cutting back. In fact for this season it estimated that 13.5 Million Americans Still Carry Debt from Last Year's Holiday Shopping

The consumer report poll comes on the heels of the recent news that economy in the United States grew by 3.5%