By  on October 19, 2011

Shoppers plan to cut back on their holiday spending this year, but their end-of-year budgets for themselves and their families are headed in the opposite direction.

According to the National Retail Federation’s 2011 Holiday Consumer Intentions and Actions Survey, released today, consumers plan to spend an average of $704.18 on holiday gifts and seasonal merchandise, down 2.1 percent from $718.98 last year.

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