We did a poll on our other blog, Loudoun Stats, asking whether the down real estate market would affect people's spending this holiday season (click here for the actual poll). Here are the results:
- 54 percent said that they definitely would not be spending as much as in previous years
- 27 percent said that they would be spending about the same as in previous years
- 19 percent said that they would be spending close to that in previous years, but not quite as much
The next question is why.
- Is it because their ARM adjusted and their payments are higher than before?
- Is it because people are upside down on their homes and have sell their home before the market values go back up so they need that money to bring to settlement?
- Is it because the fear, uncertainty and doubt of the market and overall economic conditions is causing people to hunker down and save as much money as possible?
Whatever the reason may be, this is not good news for retailers, Wall Street and overall economy. With the retail sector betting on strong holiday spending in order to meet Wall Street and investor expectations, this is not good news for anyone.
This is really great - great questions.
Posted by: Kelly | January 04, 2008 at 02:09 AM
it doesn't matter if it is down or not. if they want to spend then it up to them. i guess spend is not seasonal..hehe
Posted by: socorrosultan | April 11, 2011 at 09:51 PM