In the wake of the economic downturn gripping the globe, research and product development company Just Kid Inc. has conducted a survey to find out how US families are feeling the impact. Of the 500 families with kids ages eight to 12 polled, a whopping 77% have made changes to their holiday spending habits.

Surprisingly, 56% of respondents said they aren’t buying as many gifts for their children as they have in previous years, with moms saying they’re cutting back on gifts for their kids more so than for their husbands. The survey also revealed that 28% of moms are buying more necessities as gifts for their kids. Meanwhile, the largest change is that more than 60% of families are cutting back on gifts for people outside of the immediate family.

Moms’ attitudes toward spending have also changed, with more than half (55%) doing more comparative shopping, and 51% using more coupons and store circulars, while 39% are only buying discounted items and 36% are buying only what’s on their shopping lists and no more than that. But the credit crisis is also taking its toll on purchase methods, as more moms are making the switch to cash and/or debit cards (27%) from credit cards (7%) this year.

It also seems that moms wants to keep kids out of the stores, as 20% of them said they’re less likely to take their kids shopping with them. Interestingly one in four parents surveyed said their children have considered selling their old toys or games to help pay for presents and 11% have already done the deed, as most kids do this to buy new gifts for themselves.