Consumers Pull Back on Holiday Spending

More than half of consumers are spending less on holiday shopping this year, according to a recent survey by Consumer Reconnaissance Inc.

Consumers are limiting their gifting to fewer people, setting price limits on gifts, scouting for sales, and even opting for homemade crafts, such as photo collages, over purchased gifts.

According to Consumer Reconnaissance, about 58 percent of people surveyed are spending less this year than last. The average person is buying gifts for four or five people, and spending about $43 per person, totaling around $200 for their holiday shopping.