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Economy Could Plunder Holiday Shopping
Experts: Sluggish Economy Could Help Consumers Get Deals
POSTED: 7:39 pm EDT October 26,
2008
BALTIMORE -- There's no better test of the economy than from consumers, and if conditions don't pick up soon, it could affect the holiday sales."When it comes to retail spending, we expect one of the slowest years this time around in history," said Heather Harlan, from the Baltimore Business Journal.The sluggish economy could have a Grinch-like effect on the holidays and make gift-giving a little less fruitful this year -- and retail stores like Target know it.
"We expect our guests will be very selective. In other years, guests may buy 50 things of paper. Now, guests may only buy two," said Brandon Guy, a manager at a local Target.WBAL-TV 11 News found mixed reviews in the aisles at Target. Some people will be buying gifts for fewer people, or buying less-expensive gifts for those on their list."Probably be less expensive because if you look at the way prices have gone up between the gas prices and things, and if you look in the store, the way the prices have gone up, it's just terrible," said Matthew McNeil, a shopper."I'll probably be a little more cautious and more frugal in my spending just to play it safe," said Volker Stewart, a shopper.But for others, it's a different story. They're aren't affected by the economy and it'll be a celebration with presents as usual this holiday season."I just haven't let it affect me yet. Keep on top of my bills and I make time where I can go Christmas shopping, so both of my children will be happy this Christmas," said Kesha Graham, a shopper."If anything, this year is the first year I'm able to spend money since I just finished school and I have my first full-time job in awhile," said Jamie Smith, a shopper.This could be a golden opportunity for the savvy shopper. Experts said this year is the time to haggle over a high price. If sales are slumping, consumers could get a good deal.
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