Christmas spending plans down

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More consumers plan to cut back on Christmas spending this year than in the last two years, according to a survey by Leo J. Shapiro & Associates, a Chicago research company. In its October phone survey, 46% of respondents said they plan to spend less this year than the previous year, up from 42% in 1995 and 35% in 1994. Correspondingly, only 24% say they plan to spend more this season, down from 28% last year and 33% two years ago. Shapiro said more consumers say they have less money to spend or more expenses this year.

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