Survey: 27% of Americans to spend less during 2011 holiday season

NEW YORK — More than a quarter of Americans expect to spend less during the holidays this year, according to a survey by American’s Research Group, Reuters reported.

About 27% of people surveyed said they planned to spend less this year, while about 55% expect to spend only as much as last year. The question was one of several exclusively asked for Reuters as part of a larger America's Research Group survey.

More than half of those surveyed said they expected the economy to slow further before it recovers. Only about 18% of Americans plan to spend more this holiday season, down from 23% last year.