Holiday spending outlook 'extremely negative'

Consumer group says households purchasing power down

Holiday spending outlook 'extremely negative'

Rome, November 19 - A survey by consumer group Federconsumatori released on Monday said that the Christmas shopping outlook for 2012 is "extremely negative" both in terms of the total amount that households are expecting to spend and what they will be buying. A sharp drop in household purchasing power, down 13.2% since 2008) and unavoidable expenditures like mortgages, insurance and bills means that families will be giving fewer gifts over the holidays. The survey said that consumers expect to purchase 3% fewer toys and electronics, travel will be down 9% and food expenditures will drop 1%.

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