Energy costs to hurt holiday spending

[RamboLiberal]

Source: CNN

More than a third of American consumers said they will spend less this holiday season and cited rising energy costs as the main reason, according to a report released Monday.

In a survey by the Consumer Federation of America (CFA) and Credit Union National Association (CUNA), 35 percent of respondents said they planned to spend less this year. That number was up from 32 percent last year and represents the biggest decline since the survey was first conducted eight years ago.

Of those who said they would spend less, 38 percent - compared to 32 percent last year - blamed the rising cost of gasoline and heating oil.

"It is noteworthy how frequently consumers cited rising energy costs as a reason they plan to cut back their holiday spending, far more frequently than they cited general family finances," CUNA Chief Economist Bill Hampel said in a statement.

"They are clearly quite concerned about the escalating price of gasoline and home heating oil," he added.



Read more: http://money.cnn.com/2007/11/19/news/economy/holiday_spending/index.htm?cnn=yes

[AnneD]

1. In other news today....

water is wet. I can't believe they are just now starting to pay attention to this stuff. And the rising fuel cost will be reflected in higher food cost too. I can't wait for that 'news' item:sarcasm:

[appleannie1]

2. They needed a survey to figure that out?

[MissB]

3. Add one more "duh" here.

Although if I was polled, I'd answer that the crass commercialization of the holiday that urges people to consume more more more is what has finally done it for me.

I'm cutting back because I'm sick of it.

[soupkitchen]

4. I guess this means

only very, very good kids will get a lump of coal in their stockings.

[RavensChick]

6. Pretty much

but this will be another reason to spend less on the material stuff and focus more on spending time with family and friends. Just being there for someone who may need a helping hand and showing compassion is the best gift anyone can give, and the best part is, you don't have to pay a cent. That to me is what the holiday season is all about.

[Tandalayo_Scheisskopf]

5. Well, help is on the way, kids.

I found out, this weekend, that a guy in the Stroudsburg PA area came up with a device that was originally designed to hook to a breaker box in a home, apartment or business and "smooth out" the power, IE: clean up the peaks and valleys in the current waveform. And it does that. Well, the people he custom-built this for, PP&L, came back to him and said "Hey! Works great! And we now use 1/3 less power in the facility as well!".

He now has no end of funding, is in production and should soon be available to the end user. And that 1/3 less power use stands up quite well in testing.

More when I know more.

An admirable aside: Wherever possible, he is using organizations dedicated to giving people with developmental, physical and mental challenges to produce these boxes. He turned down the Chinese, who really wanted the contract.

[xxqqqzme]

8. Gotta admire anyone telling the Chinese to take a hike.

Then someone will buy him out and ship all the production out of the country.

[rcsl1998]

7. What Next?

Water is wet? Fire is hot? Glad to see the M$M 'journalists' continuing to concentrate on hard news and investigative reporting...

[Summer93]

9. Fear does not make me want to shop

And the commercials for shopping coming before Halloween is a show stopper as well. I intend to make my holiday less commercial both for me and for the rest of my family. I began knitting the week of Halloween. Thinking of projects where I can give something without lead in them. Teach my grandchildren something I learned when I was their age. Make a book for them. Make something or offer time to others.

I have no desire the struggle to find a parking spot at an overcrowded mall and do battle with hundreds of others scrambling to get a small discount on something.

The fact that I now pay more for gas and heating oil just makes me have more resolve to stay away from the mall experience.