Forget about those holiday shopping spending sprees. Georgians are planning for a not-so-merry Christmas.
A new poll from the Georgia Credit Union Affiliates found that just 3.3 percent of Georgians plan to spend more on gifts during this season’s holidays than they did a year ago, with the rest expecting to spend the same amount or less.
Grace Lollar, president and CEO of Richmond Community Federal Credit Union in Gracewood, explained, “Wages have not risen for most of our membership, but the cost of living has gone up. Most of our members rely heavily on holiday loans to pay for their purchases.”
Here are some of the survey’s findings:
– 70.1 percent of respondents plan to use cash this holiday season.
– 12.4 percent plan to pay for most of their purchases with a credit card (down from 15.9 percent last year).
– 57.5 percent say they will spend $500 or less during the holidays.
– 48.2 percent plan to spend about what they did last year.
– 48.5 percent plan to spend less than they did last year.
Nationwide, retail sales are expected to increase 4.1 percent, according to the National Retail Federation, less than the 5.6 percent bump in 2011.