Retailers pin hopes on cautious shoppers
The Friday after Thanksgiving usually finds shoppers lined up at 4 a.m. outside some department store. This year, they may sleep in.
Although gas prices have dropped to about $2 a gallon, and the Triangle as a whole may be doing OK, people are still worried.
And worried people don't splurge.
"People have made the decision, 'Well, I'm not spending more,' " said Robert Passikoff, president of Brand Keys, a New York firm that follows consumer spending.
"This year, they do mean it."
Already, the normally robust retail industry is reeling, with several large chains declaring bankruptcy.
A further slowdown would cause more problems for retailers and the national economy, which relies on consumer spending for two-thirds of its activity.
Last year, holiday spending topped $460 billion. If substantially less is spent this year, more stores will close, fewer jobs will be available, and there could be more bankruptcies.
Want a silver lining in all that gloom and doom?
If you have money to spend, it should be a great year for bargains.
With less than two weeks to Black Friday, here are a few things you can expect.
Read the complete story at newsobserver.com
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