Citi California Pulse™ Survey Shows 59 Percent of Calif
Plan to Use Cash for Holiday Spending
Southern Californians More Likely Than Northern Californians to Spend Less This Year and Only Buy Sale Items
Survey Shows Californians’ Sentiment about the Future Declines Slightly
December 11, 2009 03:01 AM Eastern Time
SAN FRANCISCO--(EON: Enhanced Online News)--Six in 10 Californians (59 percent) say they will use cash to pay for holida
year, providing further evidence of a new normal in consumer behavior, according to the latest Citi California Pulse™.
And despite some signs of economic recovery, most Californians are planning to cut back on their spending and travel this holiday s
to the survey, nearly half of all respondents (48 percent) plan to spend less this year than they did last year, while 40 percent plan to
same and only 11 percent plan to spend more. In fact, 52 percent of Californians believe that their holiday spending will be forever
of the recession.
“While the holiday spirit is as strong as ever in California, the economic challenges of the last two years have had a significant impact
spending behavior,” said Rebecca Macieira-Kaufmann, President of Citibank California. “Californians are spending less, staying clo
making resolutions to improve their financial situations this holiday season.”
Among the survey’s other key findings:
l 56 percent say there is too much emphasis on gift giving during the holiday season
l 44 percent say they will only purchase items on sale
l 63 percent say they will shop in stores vs. 17 percent who will shop online
l 54 percent plan to spend less than $500 on holiday shopping this year
l 38 percent said they would eat out less compared to past holidays
l 54 percent don’t see any signs that the economy is improving
Quarterly Optimism Index Declines Slightly
Overall, the Citi California Pulse index of optimism fell slightly in the fourth quarter compared to the third quarter, declining from -1 i
in December. While the majority of Californian