A majority of New Yorkers plan to spend less on holiday gifts this season, according to a new survey by the Siena Research Institute.
To view the complete survey results, click HERE.
Fifty-three percent of those surveyed intend to cut back on their spending this year, up from 35 percent last year. Sixty percent will still buy gifts for the same number of people, but nearly one-third plan to cut names off their shopping list and 42 percent intend to spend less on each recipient.
Fifty-six percent of respondents blame the economy for cutting their holiday spending, while 53 percent blame the failing stock market, 41 percent cited concerns over winter heating bills and 41 percent also blamed state budget worries.
“The economy isn’t stealing the holidays, but New Yorkers say they are going to slow their spending this season,” said Don Levy, director of the Siena Research Institute. “Growing numbers of consumers say that their financial situation is worsening, so it is no surprise that despite excitement over the holiday season, many say they intend to draw back the gift budget and enjoy each other’s companionship with fewer gifts.”