DES MOINES, Iowa – Despite what is viewed as a robust and growing economy, at least one new survey has found residents in one state saying the economy will lead to economic cutbacks this holiday season.
The survey, released by the Iowa Credit Union League and comprised of more than 1,500 participants, found that 55% said the economy has impacted their holiday plans, including 51% who said they will buy fewer gifts, 365 who said will cut back on traveling, and 20% of said they will attend fewer parties or other festivities.
According to the Iowa league, key economic factors dictating the highest affected holiday tradition – gift giving – include limited disposable income, a higher cost of living and insufficient salary. The annual PricewaterhouseCoopers’ 2014 Holiday Outlook seeks to provide a snapshot of consumer mindset for retailers nationwide, concluded those economic factors will drive holiday spending decisions even more so than last year.
To help combat some of those factors, 34% of Iowans surveyed say they will be looking for ways to earn extra income for the holidays by working overtime, getting a seasonal job or selling items online or at a yard sale. Forty-three percent of those respondents say they are hoping to make up to $1,000 for the holiday season.
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