Consumer confidence is down, and for retailers entering the holiday shopping season, that isn't good news, and for shoppers trying to weather the worst economic climate in nearly seventy years, times could be tough this Christmas.
Reuben Valdez says, “Right now, I have my job, but I try not to spend too much money like last year.”
Joyce Requa says, “I'll have to cut back on the amount that I pay for each gift, but the heart will be there and I will still buy something that I know will mean a lot to them.”
On Friday, the commerce department announced a two-point-eight percent drop in sales last month, the single largest drop ever.
Kim Hurst says, “We're going to cut way back on it. Me and my wife are both school teachers, so our salary isn't that high, but the economy's, I think, going to affect it.
Retailers, fearful of a devastating holiday shopping season, have begun early, and are preparing for the worst.
Bonnie Bratvold says “It's really hitting the early market. Um, a lot of successful toy sales right now. And layaway. Layaway’s been huge for us.”
One area of relief for shoppers has been stores that offer layaway services.
But even if families are still buying, they admit, it isn't like last year.