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More consumers intend to shift to using debit cards and cash instead of credit cards for holiday purchases, suggest new survey data from the National Retail Federation, a Washington, D.C.-based retailers group. The survey of 8,758 consumers found that 41.5% will use debit cards for the bulk of their holiday purchases compared with 40.1% who did last year. Cash also gained favor, as 22.8% of respondents declared cash as their preference compared with 22.1% who did last year. Fewer consumers expect to use a credit card this year, with 31.5% saying it is their primary choice compared with 32.3% who did last year. Only 4.3% of respondents expect to use checks this year, down from 5.5% who did in 2007. The federation this year predicts U.S. consumers will spend $470.4 billion on holiday purchases, a 2.2% increase from $460.1 billion spent during the 2007 holiday season.
