Analytics

Tuesday, December 6, 2011

NFCC POLL REVEALS FORTY PERCENT OF AMERICANS WILL SPEND ZERO ON HOLIDAY PURCHASES

The November poll hosted on the National Foundation for Credit Counseling (NFCC) website, ww.DebtAdvice.org, revealed that 40 percent of respondents do not intend to spend any money on holiday purchases, as they anticipate experiencing further financial distress in the future.

The poll sends a strong signal that in spite of the increase
in sales during Black Friday and Cyber Monday, a significant number of people lack enough confidence in their financial future to begin spending, even on traditional holiday expenses.

“Historically, consumers have put aside their financial concerns during the holidays, even if to their detriment, and spent at some level,” said Paul C. Atkinson, President and CEO of Consumer Credit Counseling Service of Buffalo Inc. “These figures provide a snapshot of the
desperate situation in which consumers find themselves, and how seriously they are taking their situation.”

Of note is the statistically significant increase reflected in the year-over-year trend. The NFCC posed the identical set of poll questions in the same month one year ago. Between November 2010 and November 2011, there was a six percentage point increase in the number of consumers who indicated they will spend zero dollars during the holiday season, evidence of the depth of the financial despair in the country.

Also disturbing is that slightly more than half of all poll respondents indicated they would cut back on holiday spending, as their financial situation is worse this year than last. Combining those who will cut back on spending with those who will not spend at all, a full 91 percent of consumers are clearly concerned enough about their financial circumstances that they will remain on the spending sidelines this holiday season.

Looking at the two categories with the lowest responses,seven percent revealed that they will spend as they did in 2010, and a modest three percent will spend more than they did last year.

“Consumers are doing themselves a disservice if they do not
reach out to a legitimate credit counseling agency for help surviving these difficult economic times, as there may be solutions available that have not been considered,” continued Atkinson.

For professional assistance regarding your financial questions, consider an appointment with a certified consumer credit counselor at an NFCC Member Agency. Counselors are on hand to help you at Consumer Credit Counseling Service Inc. Call us at 712-2060.


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