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| Wealth in America Survey (Life) |
| | Poster: CNBC | Posting Date: 2008-12-26 | |
Tuesday, December 16, 2008 On the eve of the holiday season, the CNBC/Portfolio.com Wealth in America Survey finds Americans painting a deeply grim picture of the current state of the economy with bleak implications for holiday spending. Here, we break down the data from that survey, looking at, among other things, whether men or women are more pessimistic about the economy, which parts of the country are cutting back most, and whether Democrats or Republicans are most optimistic about the coming year. Young people are more bullish than older people about wage growth: Age 18-34: Age 35-49:
Professionals / Executives are more pessimistic about the economy than their employees: Professionals / Executives:
Average holiday shopping budgets vary by region but Northeastern farmers appear to be the most generous: Nationally, the average respondent plans to spend $704
The Midwest has the lowest average planned spend at $517 The average for the South is $628 The average for the West is $650 Small town / Rural respondents plan to spend an average of $939 while suburbanites plan to spend an average of $689. Urban shoppers plan to spend $761 on average. While the divide in holiday spend is also driven by wage level, the more affluent do not spend extensively more than middle income respondents: Avg spend for those making $30-50K per year: $457 Avg spend for those making $50-75K per year: $1,084 Avg spend for those making $75-100K per year: $1,058 Avg spend for those making over $100K per year: $1,206 Very few consumers cite lack of access to credit as a reason for why they plan to spend less this holiday season: Will spend less due to inflation: 26% Will spend less to save more: 20% Will spend less due all the talk about the economy: 19% Will spend less due to uncertainty about the future: 17% Will spend less due to loss / risk of loss of jobs: 16% Will spend less due to having trouble paying current bills: 15% Will spend less due to lack of access to credit: 1% Suburbanites are nearly twice as likely to shop online for the holidays: Urban Suburban Small-Town / Rural Suburbanites are the most likely to take as much as 2-3 months to pay off debt from their holiday shopping: Urban: Suburban:
Republicans are more satisfied with their personal financial situation while Democrats are more optimistic about the economy next year: Republicans: Democrats: People with investments of over $50K are more likely to believe it is a good time to invest, while others do not. Investments over $50K: Investments under $50K: No Investments: People believe we are in a serious recession, but not a depression. Young people are more optimistic.
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