U.S. consumer spending on big-ticket electronics like flat-screen televisions was the headline trend during the past holiday shopping season, but a new survey shows a larger number of consumers just said “no” to high-priced items.

A total of 19.4 percent of those surveyed by America’s Research group said they put on hold purchases of $500 or more.
That’s up from 16.2 percent in December 2005 and 12.5 percent in December 2004.
The biggest reason for the frugality? Almost 45 percent said they “don’t want to spend the money,” compared with 36.4 percent a year earlier.
“The consumer has a much higher mind-set to buy only what they need, versus what they want,” Britt Beemer, founder and chief executive of America’s Research Group, told Reuters.

That trend could bode poorly for the home improvement industry in coming months, he said.

“If families don’t want to spend $500 or more, then many of those home improvement projects, which are want-related, rather than need related, can be put on hold.”

The study consisted of 1,000 telephone interviews conducted Friday, Saturday and Sunday, Jan. 4-6.