Source: Xinhua
11-20-2008 08:59
Special Report: Global Financial CrisisNEW YORK, Nov. 19 (Xinhua) -- A new Consumer Reports survey found that 76 percent of shoppers in the United States are tightening their belts this holiday season as a result of the effect of the ongoing financial crisis which swept the entire country and is spreading worldwide.
"That could be in terms of gifts, it could be in terms of decorations and holiday entertaining, but also holiday travel and charitable giving," a report available on www.ny1.com Wednesday quoted Mandy Walker of Consumer Reports as saying. "The early results we've seen from retailers told us that things are slow."
Consumer Reports is an American magazine published monthly by Consumers Union. It publishes reviews and comparisons of consumer products and services based on reporting and results from its in-house testing laboratory. It also publishes cleaning and general buying guides.
To attract more customers, Walker was cited as saying that many retailers will be slashing prices all the way up to the end of the holiday season.
"In our poll, we found that 12 million people told us they still haven't paid off their debts from last year," says Walker.
In the Northern Hemisphere, the Christmas season or winter holiday season is a late-year season that surrounds the Christmas holiday as well as other holidays during the November/December timeframe. It incorporates a holiday shopping season which comprises a peak season for the retail sector.
Editor:Xiong
