GNP Growth Figures Revised Downward : Decline Seen in Christmas Gift Spending
Americans will spend $37 billion on Christmas gifts this year, about 4% less than the 1989 holiday season, the Conference Board said today.
The typical American family is expected to spend about $325 on Christmas gifts in 1990, down from $335 last year, the research group said.
Holiday spending is expected to drop in three of the nation’s four major regions. Median family spending in the Northeast is expected to drop the sharpest--7% to $357.
The West, including Rocky Mountain and Pacific coast states, is expected to be the only region to hold steady, at a projected $315.
“Holiday joy is being tempered by continuing fears about the Middle East crisis and pending federal tax increases,” said Fabian Linden, executive director of the board’s Consumer Research Center.
“Still, it may very well be that when all the Christmas lights are lit and the carols are being sung, the gift-giving spirit will be stronger than suggested in the current survey. One bright spot is this year’s holiday shopping season is slightly longer than last year’s,” he said.
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