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The financial crisis and economic downturn has many retailers frightened about the upcoming holiday shopping season, but consumers could benefit from big sales.
The National Retail Federation's annual forecast predicts the weakest shopping season in six years. Sales are expected to grow 2.2 percent this year, compared with an average annual growth of 4.4 percent for the past ten years.
The good news for consumers is that retailers are doing everything they can to attract your business. The holiday shopping season, defined as the months of November and December, accounts for 25 percent of many retailers annual sales income, adding incentives for retailers to move inventory.
At Westfield Mongtomery Shopping Center, the Christmas decoration are already up, three weeks before Halloween. And the holiday sales have already started.
"Lots and lots and lots of markdowns," observed Vanessa McIntosh, a mall saleswoman.
The sales enticed Luzelennia Ramos to do her holiday shopping in October.
"If I wait til November or December, it's going to be just too high, impossible for me to pay for," said the Rockville woman.
Ramos says her gifts this year will be practical; she's not alone.
"Socks, hair pins, stuff that I would not have gotten before for Christmas," said Ramos.
"I'll probably be giving more cash than gifts," added James Brown, a Hyattsville man. "This way people can get whatever they really want or need."
Emily Torgerson plans to cut back on her spending.
"My little boys will gladly accept thrift store items," she said. "As far as my husband goes, I'll probably ask him what's the most important thing he would like and that's the one he'll get -- that's it."
Retailers say this holiday season's sales will start earlier, cut deeper and last longer than ever before. Many stores are unpacking new products to lure budget-conscious consumers.
"[W]e're going to be offering discounts," said Abdou Mbaye of the Dakota Watch Company. "A lot of discounts. About 50 percent, up to 75."
Many shoppers may also find a new emphasis on customer service, retailers said. The stores hope happy shoppers will be more willing to part with their money.
The economic turmoil is also expected to decrease the number of seasonal jobs in the retail business. But one area where retailers are expected to be hiring for the holidays is store security. Expect to see more guards to help prevent shoplifters and pickpockets, retailers said.
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