SoCal residents likely to spend less on gifts

LOS ANGELES "Consumers are still worried about their job security. Certainly the high level of foreclosures and the high level of unemployment in Southern California in particular is really weighing heavily on their ability to spend," said Brent Schoenbaum of Deloitte & Touche.

According to Deloitte & Touche's annual holiday spending survey, Southern California consumers are expected to buy nearly a third fewer gifts and spend 17 percent less on them this year compared to last year.

"I'm cutting back definitely and just keep within our range of expenses," said shopper Diane Lucero.

"It's going to be a lot less than last year. They won't get as many things underneath the tree as they did last year," said another shopper Angie Kidd.

Santa's sled will certainly be lighter. On average, shoppers expect to spend at least $80 less, down to $391 from $469 year.

"Since the economy cut back and stuff, I've kind of been budgeting my stuff for a long time now, so I'm allowing myself to spend more for Christmas time," said shopper Chris Anderson.