NEW YORK — The NPD Group Inc. said Tuesday that consumers intend to spend less for the 2008 holiday season in light of recent turmoil on Wall Street.
In its annual holiday survey, 26 percent of consumers said they plan to spend less, up from 18 percent in the 2007 survey.
Marshal Cohen, NPD’s chief industry analyst, said in a statement, “This 8 percent decline illustrates that consumers are already focused on the idea of spending less. … For the first time I am predicting flat to declining sales for the holiday season.”
NPD also said consumers will be looking to cut down on credit card spending by seeking lower price points or shortening their gift lists.
NPD completed its survey from Sept. 8 to Sept. 16 via 2,030 interviews from its online consumer panel.