November 26, 2008 3:39 PM

Hard bargain: Retailers brace for decline in spending

A self-confessed "shopaholic," Cherie Martin typically spends about $3,000 on gifts each Christmas. Not this year, however. "I'll probably spend about $500," said Martin, a Washington-area attorney. "I told everyone, with the exception of my daughter, that I'm not Christmas shopping this year."

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