Business Blog

By Leah Walker — Times are tougher than ever for many families this holiday season. Most of us are feeling the pinch, as reflected in the numerous surveys that show we’re cutting back this year. Among them, a poll by American Research Group finds U.S. shoppers cut their 2008 spending plans in half from 2007, and in a survey by financial advisory firm Deloitte, 40 per cent of Canadian respondents said they would spend less this Christmas, up from 26% the year before.

It’s not just the gifts getting trimmed. A survey by car company Chevrolet finds almost a third of Brits polled plan to reduce the size of their Christmas tree this year, while 8% are not bothering with decorations, and 50% cut back on Christmas cards.

Even Suze Orman is skipping the gift-giving. The CNBC commentator and financial expert says her family this year has agreed to forego the traditional exchange so that each person is not financially burdened by feeling they have to reciprocate.

This year, my family is introducing a new concept: Castoff Christmas. This goes beyond “regifting”, as we’re all in on it.  All of us have great stuff around the house we’re not using any more that another of us would love to have. So we’re swapping. We’ll wrap it up (in the wrapping paper and gift bags we’ve saved from last year, of course, we’re frugal every year), and we’ll have a laugh on Christmas day as we uncover some forgotten gems.

As for concerns about the retailers losing out? No need to worry — I’m told the Castoff Christmas tradition  has yet to reach the North Pole.