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Local consumers feeling a little like Scrooge, survey shows

October 29, 2009 12:50 AM WAYNE HEILMAN THE GAZETTE Colorado Springs consumers likely will spend a bit less on holiday gifts this year, according to an online survey conducted last month by The Gazette, the Southern Colorado Economic Forum and the University of Colorado at Colorado Springs College of Business. More than half of the 481 people surveyed — 56.8 percent — said they plan to spend about the same amount on holiday gifts as they did a year ago, and another one-third — 36.8 percent — indicated they would spend less than they did last year. That’s not good news for area retailers, since more than half of those responding said they spent at least $750 on holiday gifts last year, or about 10 percent less than the national average. “I expect spending will be down some this year because the higher-income people responding to the survey said they would spend less or the same, while the younger people — who typically make less — are planning on spending more,” said Sam White, a senior instructor at the UCCS College of Business and co-author of the survey. “There has been some good local economic news since the survey was finished, so spending could end up being a little higher.” Those surveyed tended to be older — more than half were age 50 or older — and wealthier — nearly half had a six-figure family income — than El Paso County’s overall population. The survey was cosponsored by The Gazette, the forum, the business school and BiggsKofford, a local accounting firm, and was promoted in The Gazette and through e-mail messages to business school students and faculty and the forum’s and BiggsKofford’s mailing lists. AMONG OTHER SURVEY FINDINGS: • Nearly two-thirds of the respondents said negative economic factors would influence their holiday spending this year, compared to slightly more than one-third citing positive factors. • Nearly 30 percent said they have suffered a decline in income, while 16.2 percent were worried about their jobs and more than 25 percent said they were receiving less investment income. • More than 40 percent said they are focusing on paying off debt. • Nearly 30 percent said they plan to do much of their holiday shopping online — with more than a third indicating they would make at least half of their purchases on the Web. • About 11 percent plan to shop at Chapel Hills Mall or along the Powers Boulevard corridor. Survey respondents plan to do most of their shopping at department and discount stores, 31.6 percent, or online retailers, 25.2 percent. DETAILS What: 13th annual Southern Colorado Economic Forum When: 7 a.m. to noon Friday Where: Antlers Hilton hotel, 4 S. Cascade Ave. Cost: $75 ($95 for four hours of real estate continuing education credits) Info: www.sceforum.com