Fuel
Prices per Gallon |
US
AVG |
$2.40 |
CA
AVG |
$2.78 |
Last
updated 6 November 2008.
|
 Thanksgiving
has passed, and now retailers are ramping up their winter sales campaign.
Prices have been slashed, deals are being made, and many new products
are being released to capitalize on the looser pocketbooks that traditionally
accompany with the holiday season. It is uncertain if this financially
inconvenient holiday season will remain a “traditional”
one as it coincides with a global economic slowdown that is now being
called a full-blown recession.
The season, already off to a black start with the death of a Wal-Mart
greeter in New York, is forecasted to be a grim one indeed. According
to America's Research Group, a leading consumer research firm, this
year is expected to see a 3.5% drop in sales from those of 2007. Unfortunately,
accounts of the student body seem to be matching this gloomy prediction.
RJ Ellicock (10), who describes his family as tending “to spend
more than average [families] around Christmas”, believes his
parents, like many, will be making cutbacks this year.
Marie Riley (9) is one person whose family has already made cutbacks.
While these include general things like eating out and purchase of
“frivolous” goods, like unneeded clothes, she says that
this holiday season, they will be “spending a lot less”.
She is hardly alone; Bethany Baldwin-Pulcini (11) said that her family
“has done a lot of cutting back so far”. She believes
that “the changes in the economy are definitely going to make
people try to spend less this year... maybe not by much though.”
The worsening economy seems to be causing many to question whether
the holidays have become too commercialized and focused on material
wealth. Riley and Pulcini agree that “the importance of shopping
during the holiday season is blown way out of proportion”, while
Ellicock says that “people will go out with the intention to
spend less” although he adds that he believes they will ultimately
end up spending about the same amount of money.
For years, holiday shopping has been a massive source of income for
retailers across the country. With many of these firms already in
trouble, the expected decrease in holiday shopping might be enough
to send some of these companies into outright bankruptcy and financial
ruin.
Perhaps next year will be better; however, the outlook for this winter
is bleak indeed.
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