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Predictions of Gloom For Holiday Sales From Consumer Reports

Consumer Reports has released the results of a poll focused on consumers' gift giving plans for 2008, and the news ain't all bright 'n shiny. Says a section of their release:

Consumer Reports Holiday Shopping Poll also found that some consumers will be starting the holiday season with leftover holiday debt. Six percent of Americans -- some 12 million consumers -- are still carrying debt from last winter's holiday season.

Among the holiday spending cutbacks, 59 percent said they will be giving fewer gifts, and nearly half (49%) will be cutting their travel plans.

Who is most likely to be left off the holiday gift list? Among consumers scaling back on gifts, most (84%) were willing to cut back on buying for themselves. But the family pooch may still get a treat or two. Only 23 percent of respondents plan to cut back on gifts for their pets this season -- far fewer than those willing to cut back on buying for friends and families (40%), service providers (30%) or co-workers (29%).

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