Folks are pinching pennies in so many different ways. Here are some of them:
- Bridesmaids are seeking lower-cost wedding dresses. People usually get married no matter what the economy is like, but bridesmaids aren't as willing to spend as much money on the occasion.
Of the 84.2 percent of consumers celebrating Mother’s Day, the majority
will invest in one major gift for mom, instead of several smaller
gifts. This is largely apparent in the jewelry category: while the
percentage of those buying jewelry decreased from last year (32.8% vs.
29.7 in 2008), those planning on buying mom something shiny will still
spend a total of $2.7 billion, compared to $2.1 billion last year.
"Mom
has been saying for decades that it's the thought that counts on
Mother's Day, and this year, kids might actually be listening," said
NRF President and CEO Tracy Mullin. "Retailers will offer specials on
popular items such as digital cameras and gardening tools to make it
easy for those who want to surprise mom with a gift."
When it
comes to popular gifts, consumers will shell out nearly $3.0 billion on
a special dinner or brunch, $1.2 billion on consumer electronics like
digital cameras, digital photo frames and video cameras, $2.0 billion
on flowers, $1.4 on clothing and accessories and $1.1 billion on
personal service gifts like a trip to a favorite spa or salon. Shoppers
will also spend $1.6 billion on gift cards/gift certificates, $696
million on housewares and gardening tools and $672 million on greeting
cards.
- More consumers are planning to cut back on discretionary spending, according to Discover Financial Services' consumer spending confidence index. The Associated Press reports:
Soaring energy prices and tighter credit have made people and
businesses more cautious about how they spend their money. Investors
have been watching the strength of consumer spending, which accounts
for two-thirds of total economic activity.
According to
Discover's index, just under half of those surveyed are cutting back on
discretionary expenses, like dining out and going to the movies. Nearly
46% of those surveyed plan to spend less on home improvement or major
personal purchases.
