Saving More Money (33%; up 7-pts) and Reducing Debt (31%; up 2-pts) were cited as the dominant reasons. Reduced Income (33%; up 7-pts) has also shot up as a main reason.

Weak Outlook Hits All Major Spending Categories

Spending is down for all consumer categories this holiday season compared to the previous holiday season (Nov 2007 survey). And in nearly all instances, spending is down compared to just six weeks ago (Sep 2008).

Spending on Restaurants/Everyday Entertainment looks particularly weak, down a net 39-pts from a year ago to a new all-time low. Similarly, Consumer Durable Goods is now registering a new all-time low.

But Consumer Electronics remains one of the weakest spending categories of all—a big change from past holiday seasons when a surge in the sector normally occurs at this time of the year. Only 19% say they'll spend more on Consumer Electronics over the next 90 days compared to 43% who say less—a net 40-pts worse than one year ago.

Double Whammy for Best Buy

In terms of home entertainment shoppers, the findings point to a extraordinarily weak holiday season for Best Buy (BBY), with only 44% saying they'll shop there over the next 90 days—down 7-pts from a year ago, and a 3-pt decline from September 2008. (See also: "Best Buy: When It Rains, It Pours.")

This is the lowest November reading for Best Buy we've ever seen.