When it comes to holiday shopping, Americans traditionally have been great at saying they were going to cut back — but not so good at actually doing it.This year appears to be an exception. Concerned about the recession, job losses and a steep drop in investment portfolios, many Americans shunned their usual shopping sprees, despite heavy discounting and promotions. Early indications point to the worst holiday season for retailers since at least 1970, according to the International Council of Shopping Centers. Major retailers are expected to report generally disappointing sales results for December this week.
Thursday, January 8, 2009
Holiday shoppers stick to spending pledge
When it comes to holiday shopping, Americans traditionally have been great at saying they were going to cut back — but not so good at actually doing it.This year appears to be an exception. Concerned about the recession, job losses and a steep drop in investment portfolios, many Americans shunned their usual shopping sprees, despite heavy discounting and promotions. Early indications point to the worst holiday season for retailers since at least 1970, according to the International Council of Shopping Centers. Major retailers are expected to report generally disappointing sales results for December this week.
