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FROM CNN's Jack Cafferty:
As soon as the Thanksgiving turkey, stuffing and pumpkin pie are polished off – millions of Americans turn their attention to Black Friday, one of the biggest shopping days of the year.
What's yet to be seen is how the shaky economy and troubling forecasts are going to effect holiday spending this year.
The Federal Reserve now says to expect weak economic recovery for several years. Some policy makers say it could take 6 years – or longer – before unemployment, growth and inflation return to more normal levels.
Meanwhile, taxes are set to go up for 90 percent of Americans if the "Making Work Pay" tax credit expires at the end of the year.
Never mind all that. The American consumer is apparently ready to spend.
A survey by the National Retail Federation shows people plan to spend about $689 on holiday-related shopping this year. That's up about $7 from last year.
They say most of that money will be spent on gifts for friends and family. The rest of it will go to co-workers, decorations, food, candy and flowers.
The survey shows the $393 that consumers plan to spend on family and friends is the highest it's been since before the recession hit.
But partly because of the recession, consumers are still looking for bargains, which is why many stores started promoting their Black Friday sales right after Halloween. These discounts usually drop prices by 20 to 30 percent.
Here’s my question to you: Do you plan to spend more or less on holiday gifts than in years past?
Interested to know which ones made it on air?
Martha
Much less. I lost my job last year and finding another job in this market is very difficult for an older woman. My family understands and knows that I will not be able to give like I used to. Heartbreaking for me, but life is difficult and we all must do what we must do.
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Valmiki
I will probably spend more than last year, but that isn't saying much. Last year was the pits and any movement can only be up. The outlook is better now than it was 12 months back. The job situation is slowly improving, the markets are doing better, and one more thing – we are in a new normal, and people are getting used to this new normal. Last year, people were still in shock.
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Gordon
Kids are definitely expecting more. A poll of 2,500 kids taken last week by kids' blogging site tweentribune.com shows that kids who said "more" or "a lot more" outpaced kids who said "less" or "a lot less" by a 2 to 1 margin. The big items driving the spending for their families were electronics, like games, cell phones and laptops. Really interesting comments from the kids - a lot seem to equate what their parents will spend with how much the parents love the kids.
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Laura in Kirkland, Washington
This year my whole family (7 adults ranging between 19-62) decided to draw names and buy for one person with a limit of $100. We are doing this in an effort to save money and keep a little extra money in our savings/banks. Typically, I spend between $600-$750 each year on just my family.
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Chris in California
Jack, I only spend as much my wallet allows. I usually put in $500 cash and go off on my shopping spree. Once all the cash is gone, then I've reached my limit.
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Gordon in New Mexico
About the same. Getting too old to become a Scrooge.
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Pat in Michigan
One big present for the wife and one each for the kids. Toys for Tots for the rest. Happy Holidays, Jack, to you and your family. Let's all remember the least of our brothers.