Money & Company

Tracking the market and economic trends
that shape your finances.

« Previous Post | Money & Company Home | Next Post »

Californians pessimistic about economy, plan lighter holiday spending

November 8, 2011 |  9:01 pm

The vast majority of California residents say the state is on the wrong track, with an economy that they consider to be just fair or poor with no signs of recovering.

Nearly 9 in 10 say that job opportunities aren’t good and almost half say that those living in California are worse off than people in other states, according to a new report from Citibank.

Still, 63% believe that the state is an excellent or at least good place to reside, according to the survey.

But that doesn’t mean they’re shielded from recessionary winds. Nearly 60% said they’ve forever changed their spending and saving habits. Nearly three-quarters are eating out at restaurants less, with two thirds avoiding premium foods and other gourmet offerings.

More than 70% have backed off credit card purchases, and nearly the same number are now using coupons. Four in 10 Californians have shaken up their living situation to save money.

During the holiday season, only 12% plan to spend more money than they did last year.


U.S. consumers: Depressed, but still spending

California employers add 11,800 new jobs in September

-- Tiffany Hsu

Photo: Tim Boyle / Getty Images