KEY POINTS:
Stockings may be filled with IOUs this year as the financial crisis forces Kiwis to rein in their normal Christmas spend up.
A poll by Research New Zealand (RNZ) found nearly half the population intended to scale back spending this year as two thirds were worse off financially than last year.
RNZ director Emanuel Kalafatelis said the poll confirmed high petrol prices, a tightening economy and real estate slump were hitting Kiwis hard.
"Only one in five people said the state of the economy was having no impact on their standard of living or financial situation. That means for the vast majority of us times are tough."
He said a "new mood of frugality" could mean shops and holiday destinations were a little quieter this year.
- NZPA
