People plan to cut their holiday spending sharply from last year, according to survey data released by Discover Financial Services.
The Riverwoods, Ill., credit card company's annual holiday shopping survey, released Wednesday, found that respondents planned to spend $723, on average, for holiday gifts, down 13% from last year's survey. (Respondents last year said they planned to cut their average spending by 7.3% from 2007.)
About 43% of respondents said they planned to spend less on gifts this holiday season. Among them, 48% blamed the poor economy for their increased thriftiness.
Opinion Research Corp. did the telephone survey for Discover, calling 1,008 adults from Nov. 12 to 15.