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November 27, 2009

Black Friday Blues

A new ABC News poll finds that "half of Americans plan to spend less on holiday gifts this year -- less bad than last year but still among the worst retail outlooks in a quarter-century."

"Barely one in 15 adults, moreover, now plans to spend more on gifts, matching the record low last year and down from one in four in the late 1980s. And a mere 2 percent plan to spend "a lot" more - while far more, 29 percent, say they'll spend a lot less."

Alex Conant: "The day after Thanksgiving is normally one of the few days all year that the White House can count on a good economic story. No matter how bad the economy, on Black Friday, millions of consumers always line up before dawn to spend money -- evidence of strength during good times and optimism in bad... But collapsing global markets today are likely to step on that story."

Of course, who would line up at a store when they can just go to Amazon for the same or better deals?


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