New Survey: Consumer Outlook Bleak for Holiday Shopping Season

11.20.08
By Credit.com

San Francisco, CA - November 19, 2008 - According to a new national survey from Credit.com, consumers are very concerned about the upcoming holiday shopping season and don't think 2009 will be any better. While the survey found people were generally worried about their personal finances during this time of economic turmoil, more than half of respondents think their situation will improve in 2009. Here are some highlights from the survey:

The outlook for the current and next year's holiday shopping season is not bright:

-  57% DON'T think the 2009 holiday shopping season will be any better for consumers

However, the survey also found that consumers are surprisingly optimistic looking ahead to 2009:

-  53% DO think their personal finance situation will be better in 2009

The survey also found these top consumer concerns related to the current economic turmoil:

-  Investments 38%
-  Job Security 24%
-  Staying in Their Home 19%
-  Credit Standing 11%

"As we head into the holiday season, consumers are facing the most challenging economy since the Great Depression and many are understandably terrified about their current financial situation," said Adam Levin, chairman and co-founder of Credit.com. "It is imperative that business, government, public interest organizations and the media work together to significantly improve and expand credit education outreach programs. Only a national collaborative effort can meaningfully increase America's level of financial literacy and help our consumers navigate what has become a worldwide economic pandemic."

This national telephone poll was conducted for Credit.com by GfK Custom Research North America from October 17 – 19, 2008. A total of 1,004 interviews were completed, 525 with female adults and 479 with male adults. The margin of error on weighted data is +/- 3 percentage points for the full sample.
 
About Credit.com, Inc.
Credit.com, a leading consumer education and financial services company, is one of the Web's premier personal finance sites. Credit.com was established in 1995 to give consumers access to comprehensive credit and financial education, straightforward answers, and "best of breed" credit products. The company's goal is to help consumers of any credit standing navigate their financial life stages, from establishing and wisely using credit, to managing and rebuilding it. Credit.com works with industry experts to create clear paths for consumers looking to improve their finances. For more information, please visit: www.credit.com.

Press Contact: Tony Berlin/Credit.com - 212-317-9179 - tberlin@credit.com.

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53.2% believe their financial situation will improve in 2009