NEW YORK — Deloitte LLP’s annual holiday survey, released Wednesday, found that 59 percent of those surveyed expect to reduce their spending for the holidays, compared with 41 percent in 2007.
Citing higher food and energy prices as the top two reasons, consumers said spending on gifts would decline nearly 7 percent this year to an average of $532.
In addition, 53 percent of those surveyed were pessimistic about the future of the economy, marking the highest percentage in more than 10 years, the survey found.
Other themes from the survey, which polled more than 13,000 consumers from Sept. 26 to Oct. 7, include plans to change shopping methods by buying fewer gifts, as well as lower-priced items. Discount department stores will be the most frequented venues, while gift cards will be the most popular gift.