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News Now

CU System
Holiday spending survey just in time for Black Friday
MADISON, Wis. (11/29/10)--Holiday spending analysis and advice offered by the Credit Union National Association (CUNA) were featured in media outlets around the world in the days leading up to Black Friday--the mother of all shopping days, when consumers need the advice the most. CUNA's analysis circulated through more than 111 broadcast stations affiliated with major networks--NBC, ABC, CBS, FOX, CNN, CLTV, Bloomberg, NPR, Hearst TV, and CLTV in Chicago, among others--in at least 32 states and Washington, D.C., as of Wednesday. The broadcast reports aired in major cities such as New York City; Los Angeles; Washington, D.C.; Chicago; Dallas and Houston, Texas; Orlando; San Francisco; Salt Lake City; Phoenix; Honolulu; and New Orleans, as well as smaller cities. Associated Press and Dow Jones and print media such as The Wall Street Journal also featured articles. The Journal quoted CUNA Senior Economist Mike Schenk, as did many of the reports. In its article, "Consumers Intend to Spend A Little More This Year: Report," Schenk said spending like will increase but "we expect the increase in holiday spending this season to be modest." Other media fast to cover the news were The Huffington Post, Consumer Affairs.com, DebtAmerica.com, and www.businessjouranls.com, among others. CUNA expected that even more print media would pick up the story for their weekend editions. The advice was provided during CUNA's press conference with the Consumer Federation of America (CFA) on Nov. 22 in Washington, D.C. Nearly 20 media outlets covered the press conference, and the story quickly spread to global media outlets such as CNN International. Canadian press and press in the United Kingdom also picked up the story. The conference centered on good news for the economy: Roughly 10% of consumers responding to a recent CUNA/CFA survey said they would spend more this year, compared with 8% who said so last year. Schenk and Stephen Brobeck, director of CFA, noted that 23% of respondents saw an improvement in their finances this year, indicating an uptick in spending for the holidays. However, 41% of consumers surveyed said they will cut back spending, compared with 43% last year. They provided tips for consumers to better managing their holiday spending.
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