The holiday cheer for shopping will not be the same as the past years. Due to the loss of jobs and the economic weakness, it's pretty obvious that there will be less consuming.
Abercrombie and Penney reported that the holiday shopping craziness is something that will be hard to find and report on a sharply low profit on the current quarter.
"Consumers went into hibernation in October while concerns about the economy were at a peak," said NRF Chief Economist Rosalind Wells. "As economic uncertainty went from bad to worse, shoppers pulled back on everything but the basics to weather the storm."
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