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Holiday Spending Projected To Return To Pre-Recession Levels: Study

Photo by David Holmes
Americans plan to spend about as much on holiday shopping this year as they did before the recession, a sign that confidence about the economy may finally be picking up, according to a new study from American Research Group, Inc.

The average shopper plans to spend $854 on presents -- a 32 percent jump from last year, approaching the $859 that Americans planned to spend in 2007 before the recession hit, according to the study, published Nov. 15. The study highlights the results of 1,100 telephone interviews among adults ages 18 and older.
In 2011, 50 percent of people felt that the country was “still in a recession,” but this year that number decreased to 37 percent, according to Deloitte’s 2012 Annual Holiday Survey. Deloitte also found that the portion of shoppers intending to spend “more or the same” increased to 63 percent this year, surpassing the 59 percent seen before the recession.
Consumer confidence skyrocketed to its highest level in seven months according to Bloomberg’s latest Consumer Comfort survey, released Nov. 29. 

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