By Herb Weisbaum, ConsumerMan
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It looks like we?re headed into another not-so-jolly holiday shopping season. According to the latest Consumer Reports Holiday Shopping Poll out today, only a third of those surveyed expect to be happier this holiday season than last.
?People remain fixated on finances: their own and that of the nation,? says Tod Marks, the magazine?s senior editor and resident shopping expert. ?They?re even more intent on watching how much they spend and what they?re buying.?
One-third of those surveyed said they planned to spend less money on gifts this holiday season. Only 15 percent said they would spend more. Forty-four percent said getting a good deal is more important than it was last year.
?Practicality is the order of the day in the new post-recession world,? Marks says.
People say they will cut back on gifts for themselves, presents for their pets, decorations and holiday travel. Seventy percent of those surveyed said they plan to buy clothing.
Other things topping the gift-giving list: electronics, gift cards, toys and cash. Fifty-five percent of the respondents said they?re likely to give money.
?We?ve seen cash go up in recent years,? Marks says. ?In this economy, it may be better to give someone who is struggling a few extra bucks than a new set of dishes.?
How do people plan to pay for what they buy? Last year about half used a credit card for all or some of their holiday gifts. That was up from 47 percent in 2009. But this year, Marks expects more people to use cash and debit cards.
Here?s a sobering statistic. Consumer Reports found that as of October about 14 million Americans were still carrying credit card debt from gifts purchased last year.
One way to stay on track with your holiday spending is to make a budget. But you?ve got to stick to that budget and many people don?t.
In last year?s holiday survey, Consumer Reports asked people how much they were going to spend on gifts. The median amount was $457. But when the editors did a follow-up survey in January of this year, the actual amount spent was $556. That?s 22 percent more than anticipated. Cleary, good intentions aren?t enough.
Marks tells me he?s been monitoring sales at both online merchants and brick-and-mortar stores and he expects some major markdowns as we get closer to Christmas.
?People who wait and are patient will be rewarded this year,? he says.
But remember this: because of the economy some retailers, especially clothing stores, will have limited inventory. If you wait too long, you may not be able to find the style, color or brand you want. Keep that in mind for any must-have gifts on your list.
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