GAINESVILLE, Fla. (AP) - New University of Florida surveys shows state consumers plan to drastically cut their holiday spending, leaving retailers with their worst holiday season in decades.
In surveys of more than 500 residents in September and October, consumers' plans for holiday spending continues to drop with the start of the season starting at the end of next week. Consumers plan to spend an average of $802 this year, down from $1,324 last year.
Retailing professor Barton Weiss says the decreased spending plans were spread across all income levels.
(Copyright 2008 by The Associated Press. All Rights Reserved.)