Will the Recession Affect Your Holiday Spending?

Sunday, 01 November 2009 19:21 Written by  Administrator
By GMO Staff
holidayWith jobs still being lost and the economy still in decline, people everywhere are cutting their holiday expenses, including gifts, travel and entertaining. The recession has prompted consumers in America to take a real look at their pockets and develop a strict holiday budget.

A Consumer Reports Holiday Shopping Poll released in October said that two-thirds of U.S. adults are planning to spend less this holiday season, while six percent say they are still carrying debt from last year’s holiday purchases.

While it seems that things may not be much different from last year’s dismal shopping season, some remain optimistic about 2009’s festivities. See what some of the GMO staff had to say about their yuletide expenditures:

GMO Staff Writer Lealeah Livingston:

“The recession has negatively affected my family's finances. Even though we have to cutback on our spending, we plan to make the best of the holidays. Just because money is short, it still has no affect on love.”

GMO Staff Writer Samantha Battle:

“The recession will definitely affect my holiday shopping, especially with me being a student and with the loss of the MAP grant from the government, which I benefited from greatly. Now I have to cut back on some things including holiday shopping. Maybe I will try homemade gifts this year. Gotta see how it will go.”

GMO Staff Writer Ebony Hall:

“The recession will not affect my holiday shopping because my mom buys everything and so I just put my name on it (lol).”

GMO Marketing Manager Samantha Mitchell:

“The recession has affected my spending already so I can't shop for the holidays! Seriously though, I actually started my holiday shopping a little early so that I'm able to get a few things each paycheck.”

GMO Staff Writer Cicely Teal:

“I am a full-time student without a full-time job, so I am living off of and paying bills with my school loans. My holiday spending will be drastically cut as opposed to the massive shopping sprees I've been on previous holidays. I have been researching creative and inexpensive gifts online that fit my budget.”

GMO Creative Director Tony Keith:

“During this recession, I plan to cut holiday shopping costs drastically by only buying gifts for the younger family members and excluding the middle aged and older folks. I'm also planning to only shop at the Dollar Store! It seems like each year, I'm buying more expensive items for the 'adult' folks - jewelry, gift cards to higher end stores, etc. This year, however, my young cousins, nieces and nephews can look forward to a HUGE assortment of cheap, plastic toys, nick knacks and boxes of Mike & Ikes.”

GMO Staff Writer Brittany Rodgers:

“The recession will affect my holiday spending this year because I don't work that often because of budget cuts and school. I know I won't be able to go to high-end stores. The year is just a little tight so gifts will get a little small!”

GMO Staff Writer Priya A. Shah:

“I love spending money, even when I don't have any. Credit cards are horrible! I love to give gifts too! I don't think the recession will necessarily affect me so much with holiday shopping. I may only provide a few close friends with presents and then maybe cards to go around. Then maybe a present for myself. I deserve it!”

GMO Staff Writer Lisa Brown:

“Well, the recession will definitely make me spend much less than normal. I'm trying to save so I have to be more conscious of my spending, but I don't think it'll kill my holiday at all. I live with my mom so I’m not feeling the pinch of the recession as much as others.”
GMO Staff Writer Iya Bakare:

“I think this holiday season many people will be forced to be creative to some degree on their holiday spending. I usually gather my gift ideas (for birthdays and the holidays) from things mentioned in conversations throughout the entire year. This really helps because what do you buy your best friend you've known for years or your mom? So, I usually buy those closest to me more than one gift (one expensive and one a little less expensive). This year, I will stick with one gift in-between the two (price range).”
GMO Staff Writer Ebony McCline:

“This holiday season, I plan to buy specific items (all virtually under $20) for my loved ones. This year, the focus is on family, food and friends.”

GMO Managing Editor Frances Moffett:

“I will be thinking more creatively for gifts this year—creatively meaning inexpensively! With the economy taking such a plunge and so many people I know losing jobs, the holidays are going to be quite different this time around. I think with any family or group of friends everyone will understand that the recession has affected people in many ways and the whole gift-giving process won’t be thought of as highly.”

GMO Publisher and Editor-in-Chief Tiffani Alexander:

"This year I am buying for only immediate family. I think everyone will understand that times are hard (especially for this first-time homebuyer!). It's a good thing that many of my close friends are in the same boat. My girls and I will probably do a holiday dinner in place of gifts this year."


*Photography by Billy Montgomery. 


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