All signs point to a flat holiday season for retailers, according to a new report released by Port Washington, New York-based market research firm The NPD Group.
The study reveals that 26% of consumers plan to spend less this holiday season compared to last year.
In last year’s study only 18% planned on spending less.
The gloomy numbers are a result of the recent dramatic stock market loss and the growing credit crunch in the US.
The good news, according to the report, is that consumers will still be purchasing holiday gifts with apparel (49%) and toys (37%) being the most often gifted items.
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