American consumers expect to spend about the same or less this year, according to a survey conducted by the American Consumer Institute, and the vast majority point to a weaker economy.

While 12.0% say they expect to spend more on gifts this holiday season, compared to last year, 47.9% of the consumers expect to spend about the same and 34.9% say they will spend less. The national survey of 1,000 heads-of-households was conducted over the period of December 18th to 20th and is part of the Institute's 2008 Consumer Pulse Survey.

Depressed holiday spending appeared to be linked to consumer perceptions of a weaker economy. Only 9.1% of consumers believe that the economy is stronger than it was last year and 68.8% believe the economy is weaker. Only 4.5% of Democrats and 17.3% of Republicans think the economy is better today than one year ago.

The divergence between the number of consumers that say they will spend less on gifts this holiday season and those who expect to spend more was significant for every major demographic group and characteristic, with two exceptions -- consumers under the age of 30 and consumers who believe that the economy is better this year than last year.