How’s that Christmas Shopping going?
Bryan, don't you wish it was this easy to do your
Christmas shopping? (I knew you would love this)!
If you've been fighting the crowds at the mall, it's probably something you're not wanting to think about right now.
Didn't I tell you to do your shopping on the internet???
The word-on-the-street is that the less-affluent are scaling back their Christmas shopping, while upscale retailers are doing just fine:
Nationally, many luxury goods retailers appear to be doing just fine as wealthy consumers feel little ill effects from gasoline above $3 a gallon. Take jewelry retailer Tiffany & Co., for instance. Its same-store sales have climbed higher, while Saks stores saw 10.6 percent same-store sales growth in October as women stocked up on pricey shoes, jewelry and accessories.
Meanwhile, retailers such as Wal-Mart Stores Inc.[...]have responded to the softer economy by offering deeper discounts, and Wal-Mart's profits have increased as a result.
Stores such as J.C. Penney and Kohl's Corp. — sandwiched somewhere in the middle between the discount chains and luxury boutiques — have reported declining profits, though.
The article goes on to cite a recent consumer study:
A survey by consumer research firm BIGresearch in Worthington, Ohio, found households making less than $50,000 a year plan to cut holiday spending by 18 percent this year to $424 on average. Those making more than $50,000 a year said they plan to spend as much as last Christmas.
Another study by American Research Group finds that the average family plans to spend $859 on Christmas gifts this year, down 5% from 2006. This study notes that Christmas spending has declined in six of the past seven years.
Maybe American families are starting to realize that there's more to Christmas than presents under the tree.
Are you cutting back this Christmas?
