Unfortunately, experts are predicting that this year’s retail season will be only slightly better if not worse than the one in 2008. They also say that consumer spending over the holidays will be marked by a conservative caution that will see things like apparel and books take precedence over more for frivolous items.
The NPD Group is a research firm that has been looking into the trends retailers can expect during this holiday season. The group finds that up to 30% of Americans say they plan to spend less money this year on holiday gifts than last year, and a spokesman for the group says that the increase in the number of people planning to spend less makes sense considering the rise in unemployment over the last 12 months..
There is also evidence that consumers are working harder to find deals. The search engine Google reports that searches for printable coupons to save money are up by 30% this year over last, and they attribute this increase to the in downswing people’s economic fortunes. The overall trend this year is towards a conservative spending approach for consumers across the board.