Consumers not giving up debt management for the holidays

10.30.09
By Timothy Jones

Debt management remains on the mind of many consumers judging from recent surveys that suggest the coming holiday shopping season will be a weak one.

A new survey from Consumer Reports found that 65 percent of shoppers say the economy will weigh on their purchasing decisions this year, and that people are likely to cut back in areas like gifts and entertaining.

"This year, it all comes down to value and getting the best bang for your shopping dollar," said Tod Marks of Consumer Reports, adding that "retailers are getting more sophisticated about targeting their promotions to their best customers."

In one sign that retailers are nervous about the shopping season, many of them aren't waiting until late November to begin offering holiday deals. Recent media reports have also noted that a trend in the retail industry this year is likely to focus on tradition and nostalgia, since these tend to be more warmly received by consumers during tough economic times.

Economists have been concerned that the new emphasis on debt management among many consumers could actually hold back the pace of an economic recovery.

More Credit & Debt Articles | News Home | Discuss in our Forum

Consumers are likely to pinch their pennies this holiday season.