Skip to comments."Fiscal cliff" spooks shoppers in last lap of holiday race
Posted on 12/22/2012 1:03:47 PM PST by traumer
(Reuters) - Fears about imminent tax hikes and cuts in government spending are taking a toll on U.S. shoppers and could deprive retailers of a strong finish to the 2012 holiday shopping season. The acrimonious debate in Washington over how to avoid the so-called "fiscal cliff" has cast a pall over shopper sentiment as consumers head to malls on the last Saturday before Christmas - typically one of the busiest shopping days of the year.
Talks to avoid the fiscal cliff stalled on Thursday when Republican lawmakers rejected House Speaker John Boehner's proposal aimed at winning concessions from President Barack Obama.
"I don't think we're going to get a great pickup in the last few days here," said Ron Friedman, retail practice leader at consulting firm Marcum LLP, explaining how the uncertainty related to the "cliff" was weighing on American minds.
About 17 percent of the 1,514 Americans who participated in a Reuters/Ipsos poll conducted December 17-20 said the impending "fiscal cliff" was making them spend less this season.
"We just try to stay on a budget. We're not going crazy," said Tom Chowinski, a market researcher at Nielsen, who was shopping with his wife for their four adult children on Saturday morning at a Wal-Mart store in Westbury, New York.
Chowinski did not completely understand the details of the looming fiscal cliff, but said seeing the debate's impact on the stock market gave him pause. Still, he is spending as much as last year.
Some shoppers, like Carmen De Jesus, 45, a home nurse living in New York, were more cautious.
De Jesus said she is spending less than last year, buying gifts only for her closest kin, and nothing for herself.
(Excerpt) Read more at reuters.com ...
Little Johnny: “No teacher, i don’t have my homework. The fiscal cliff ate it.”
We’re on the fifth Christmas since this undeclared depression and rolling financial crisis bron of fraud began. I’ve managed to keep Christmas nice and not scrimp too much. Until this year, that is. Clamping down, the reserves just aren’t there, haven’t been able to save much at all this year with so many expenses rising, and more on the way.
Sales are down at the company where I work. My wife and I were in Target this morning to get some gift cards. Checkout lines were short. Yet another year of the economy that is much worse than what Pravda reports.
I guess they (shoppers) are all crammed into any and all gunshops ........
Americans need to have their butts shocked into reality that they face a communists controlled Country. I favor over the cliff and this should jar a few stupid voters. It will hurt me too, but for America, let it happen. We cannot afford the spending that we have and already cannot even pay the interest on the loans government has made now. Even this increase revenue still won’t help.
And I hope these are the citizens that save America. Wise up!
Same here. We agreed not to buy anything for each other this year. It’s going to be a get together for dinner and that’s that. Even then, I’m not cooking anything that isn’t already on hand. I can’t afford Christmas in Hawaii.
>>> Wise up!
I would be there too, if I can afford more at this point.