58% of Americans Not Cutting Back on Holiday Spending This Year, New Survey Reveals

While most Americans have been directly affected by the sharp decline in the nation's economy, a majority still feel a sense of obligation, both to their family and the country, to maintain holiday gift giving and celebrations, according to a survey of 1,762adults.

More than 54% of survey respondents know someone who has become unemployed in the past 6 months. However, 58% report they expect to spend the same amount this year on the holidays as they did last year, according to the survey, which was sponsored by Dollar Savvy, a new magazine and website (www.getdollarsavvy.com) dedicated to providing Americans with effective money-saving ideas.

Respondents are aware of the connection between their holiday shopping plans and the economy:

-- Over half (51%) say they have a responsibility to keep shopping to
help the economy.
-- 57% of respondents say regardless of the nation's economic reality,
they have an obligation to provide their families with a wonderful
holiday season.
-- 20% of respondents acknowledged they are dipping into savings to pay
for holiday celebrations.

Survey respondents expressed a sense of optimism about the future, and noted that the economic downturn is helping readjust priorities in a positive way. Among the findings:

-- 61% say the holidays will be more joyful this year.
-- 78% said hard economic times remind them of what is really important.
-- 73% said America will be stronger once we solve our economic problems.
-- 90% percent say the holidays are about family and faith, not gifts and
meals.

When it comes to gift-giving, Americans will continue to give store-bought gifts, but 20% said they plan on giving more homemade gifts this year. In keeping with their perspective on the economy, 53% said they expect the number of gifts they receive this year to be less than last year; 41% said they expect it to be about the same.

Additional holiday spending results:

Amount Spent
-- 9% plan on spending more
-- 46% plan to spend the same amount on gifts as last year
-- 43% plan on spending less
-- The average amount expect to spend is $553


Gifts to Children
-- 56% plan on giving the same number of gifts to children as they have
in the past.
-- 22% plan to give less
-- 13% plan to give more
-- 8% don't know


Gifts to Spouse
-- 52% plan on giving the same number of gifts to their spouse
-- 27% plan on giving less
-- 7% plan on giving more
-- 14% don't know


Gifts to Friends
-- 51% plan on giving the same number of gifts to friends
-- 37% plan on giving less
-- 3% plan on giving more
-- 8% don't know

"Despite economic hard times, Americans continue to have a deep, heartfelt connection with the holiday season," said Neil Wertheimer, Editor in Chief of Dollar Savvy and getdollarsavvy.com. "While they believe that the gifts will be fewer this year, and the meals a little less extravagant, the joys of the holidays will be every bit as great, if not greater, than in years past."

The survey was conducted on December 9 and 10 by Socratic Technologies, a full-service marketing research agency that regularly conducts global Web-based surveys. The respondents were a cross section of women and men who subscribe to one of five broad-interest consumer magazines operated by the Home & Garden Group of the Reader's Digest Association Inc. Survey respondents had a median age of 52 and median household income of $75,400. The survey had a 2.3 percent margin of error.