Survey: Christmas gift buying to decline

NEW YORK, Nov. 22 (UPI) -- U.S. consumers, faced with financial setbacks and uncertainty, intend to cut back on their Christmas gift spending significantly this year, a survey indicates.

A survey released by a consumer research firm, The Conference Board, revealed that households will spend an average of $418 on Christmas presents this year, down from $471 in 2007, CNN reported Saturday.

The survey of 5,000 U.S. households also revealed that about 39 percent of consumers said they would shop online for bargains this year, with books topping the list of online gift choices. The percentage of people shopping online is expected to remain relatively unchanged from last year, Lynn Franco, director of The Conference Board's Consumer Research Center, told the broadcaster.

"Obviously (consumers) don't want to cancel Christmas, but I think they're going to be a little more budget conscious this time around," Franco said.

The survey's methodology was not reported by CNN.