Word: holidayers
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...prices on hot new hard-cover releases to less than $10 apiece for shoppers who preordered books on their websites. Similar price battles have been launched in toys and electronics, with Walmart's chief merchandising officer, John Fleming, proclaiming, "We're going to be the price leader for this holiday season." Best Buy's executive vice president of customer operating groups, Mike Vitelli, says his company will match competitors "dollar for dollar." (See 10 big recession surprises...
...weeks leading up to Christmas. Although retailers are insisting that they won't resort to jaw-dropping discounts this year, what happens will ultimately depend on how much and how quickly they get consumers to start spending. And it won't be easy. (See TIME's Holiday Gift Guide...
...year-old mother of two in Pittsburgh, Pa., who shops regularly at Saks and Nordstrom. "I'm hopeful there's going to be similar deals as there were last year - and almost expecting it, given the current state of the economy," says Laux. She remembers 2008's steep holiday discounts and is unimpressed with the paltry 30% markdowns that are currently being offered. "Seeing 30% isn't going to make me shop earlier," says Laux, who adds that she'll do the bulk of her shopping in the final two weeks before Christmas if the markdowns don't come sooner...
...holiday outlook report released on Monday by AlixPartners LP says 88% of consumers plan to spend the same or less on gifts this year than they did in 2008. The survey, which polled about 3,500 people nationwide in early November, found that 60% of consumers plan to spend less on gifts, and 55% say they'll wait for deep discount sales and specials before opening their pocketbooks. More than half say they plan to buy less-expensive merchandise than a year ago, and 52% say they'll give gifts to fewer people. "This is a fundamental shift," says Bryan...
...retailers are digging in their heels, insisting they won't slash prices to 2008 levels. Last year, retailers had loaded up on goods for the holiday season but were then hit with the collapse of Lehman Brothers, upheaval in the credit markets and the AIG crisis, which sent tremors of fear far and wide. Consumer spending dried up, and shoppers abruptly disappeared. Retailers found themselves sitting on huge inventories of unsold goods, and many frantically started chopping prices to clear shelves...