NEW YORK – If you haven't finished your holiday shopping, you're not alone: according to a recent survey, 41 million Americans haven't even started.
The National Retail Foundation's survey, called "Holiday Consumer Intentions and Actions," revealed that this year's shoppers had finished just 47 percent of their gift buying by the second week of December, a five-percent drop from last year. Additional revelations include that only eight percent of respondents have completed their shopping, while more than 41 million people have not even started.
Experts say that the public is reluctant to spend-not just because of the recession and impending job losses, but because of their anticipation of better prices. "The consumers have the upper hand this year," says Pam Goodfellow, a senior analyst at BIGresearch, which conducted the survey for NRF. "They're becoming better shoppers. Everyone is holding out, expecting great last-minute deals."
Research shows that discount retailers will likely be the busiest establishments over the next several days, with 43 percent of respondents planning to patronize one before the holidays hit.
Goodfellow said she expects that retailers will continue to lower prices. In other trends, customers are paying cash for their purchases due to the widespread credit crunch, and the number of gift card purchases is expected to dip approximately 6 percent because high-profile store closures have affected consumer confidence.
"Everybody's more concerned about prices this year," Goodfellow says. "They're holding off and holding out, but nobody is going to cancel Christmas."
Source: CNN/Money
