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Siena Research Institute
Siena College, Loudonville, NY
www.siena.edu/sri

For  Release:  Friday, November 30, 2007

For information/comment:  Dr. Douglas
Lonnstrom: 518-783-2362 (office); 518-456-6073 (home)

For PDF of release or for data
summary, visit www.siena.edu/sri/holidaypoll07

Statewide
Poll of Holiday Spending Plans

NY’ers
Plan to Spend Less on Holiday Giving

Economy and Energy Costs Pulling the Plug on Christmas
Shopping

81% to
Donate to Charity;  1/3 Giving Time to Needy

Loudonville, NY – New Yorkers
plan to spend less money, and give gifts to fewer individuals than they did
last year.  Forty-Two percent intend to spend $600 or less this holiday
season.  Half of NY’ers believe their financial picture has remained
unchanged since last year at this time, but by a margin of 28% to 21% those
whose finances have declined outweigh the gainers.  The economy according to
39% is having a negative effect on holiday spending plans.  Despite concerns
about energy costs cutting into holiday budgets among 49% of New Yorkers, 81%
plan to donate to charitable organizations this season.

“More than half of New
Yorker’s plan to spend and give as they did last year, but the economy
and especially energy costs account for over 1/3 planning to spend less in
total and 1/4 cutting back per gift” according to Dr. Douglas Lonnstrom,
professor of statistics and finance at Siena College and SRI Founding
Director.  “The cash registers will still ring:  One in four New Yorkers
will spend over $1000 this holiday season.”

Percentage
of 2007 New Yorkers Across Four Variables of Holiday
Spending

Holiday Spending

Gift Recipients

Spending per
Individual

General Financial
condition

More

8.1

11.6

11.9

20.9

(better off)

Less

35.4

20.0

24.4

27.5

(worse off)

Same

54.0

66.8

60.2

50.0

Sixty percent of New Yorkers do not
plan to shop online.  Only 14% of those surveyed plan to do at least half of
their holiday buying over the internet.  Gift cards remain popular with 44% of
NY’ers intending to purchase them this year.  High definition TV’s
will be purchased by 6% of shoppers in NY this holiday season.  Consumers are
concerned about not only the economy and energy costs but also the stock market
(25%), Chinese toy recalls (23%), the housing slump (20%) and terrorism
concerns (19%) are having an effect on holiday spending plans.

“Let’s face it, many
consumers are bracing for winter bills and reeling from steady streams of
worrisome economic news.  It all adds up to subtraction when it comes to
holiday spending” said Dr. Lonnstrom.

Most consumers (79%) feel that
Christmas is too commercialized.  Of those, 70% are at least moderately
bothered by that commercialization.  Still, the holiday season remains the time
of giving.  In addition to making charitable donations to organizations like
the Salvation Army or Toys for Tots, one-third of those surveyed intend to
volunteer their time this season in order to help those less fortunate enjoy
the holidays.

“It’s not all bad
news” according to Dr. Lonnstrom, “All across the state, men and
women, high income and low income, New Yorkers plan to give from their wallet
and from their heart this holiday season.  Given some of the economic news, we
can all use it.”

The SRI survey of Holiday Spending
Plans was conducted November 26-28 by random telephone calls to 570 New York State residents over the age of
18.  SRI reports this data at a 95% confidence level with a margin of
error of + 4.1 points.  For more information or comments, please
call Dr. Douglas Lonnstrom, Siena College professor of finance and statistics
and SRI Founding Director, at 518-783-2362 (office); 518-456-6073 (home). 
Survey cross-tabulations and frequencies can be found at www.siena.edu/sri/holidaypoll07