Shoppers To Cut Holiday Spending

Retailers be warned: Most consumers are planning to reduce holiday spending this year, according to a Billboard.com poll.

Retailers be warned: Most consumers are planning to reduce holiday spending this year. According to a Billboard.com poll of 1,726 readers, 46% intend spend less in 2005 than they did a year ago.

Elevated gasoline prices, expected spikes in home heating costs and other economic factors are weighing heavily on the minds of consumers a week before the traditional U.S. holiday shopping season, which begins on "Black Friday," the day following Thanksgiving Day (Nov. 24).

Beyond those who have decided to cut back, another 27% plan to keep their gift shopping expenses in line with their 2004 budget. In retailers' favor, 13% believe they'll increase spending this year. A segment of the audience remains on the fence, with 15% admitting they have not yet formulated their holiday shopping plan.