Retail Survey Shows Spending May Fall 5%

U.S. retail sales may fall 5% from a year ago during this holiday shopping season as consumers tighten their budgets and shop for discounts, a private survey showed.

The average American household budget for spending on gifts between the U.S. Thanksgiving holiday Thursday and the end of the year will be $455, down from $483 last year and $462 in 2001, according to a Conference Board Survey of 5,000 households. The New York research group conducted the survey this month, through Nov. 17.

The average budget for West Coast states may be $409, down from $468 a year ago, according to the survey.