Most Americans expect to spend less or the same on the holidays this year compared with last year, according to a survey released today.

A whopping 82 percent of those surveyed by America’s Research Group said they planned to spend less or the same as last year, Reuters reported.

The question was one of several asked exclusively for Reuters as part of a larger America’s Research Group survey.

More than half of those surveyed said they expected the economy to slow further before it recovers. About 51 percent said they did not feel better about their family finances versus a year earlier.

“Retailers better be worried about Christmas. If half of Americans believe it is going to be worse before it gets better, they may not be too excited about buying much this Christmas season,” said Britt Beemer, president of America’s Research Group.

The holiday selling season is vital for U.S. retailers as many of them make as much as a third of their annual sales in that period. Consumer spending accounts for almost 70 percent of the U.S. economy.

About 68 percent of those surveyed said they have now started shopping at dollar stores; 42 percent said dollar stores offered better value than discounter Wal-Mart Stores Inc.

The telephone survey of 1,000 consumers was conducted Sept. 6-8 and has a confidence factor of plus or minus 3.8 percentage points.