USA Today
Last-minute shoppers may have a hard time locating a parking spot this weekend, but they'll find plenty of deals, including discounts on some of the hottest items of the holiday season.
The markdowns won't be as drastic as they were a year ago, when retailers were forced to slash prices by 60% or more to move items off their shelves, says Vikram Sharma, chief executive officer of ShopLocal, which tracks retail advertising in newspaper circulars.
But procrastinators will find plenty of items discounted by 20% to 40%, he says.
More than 20% of consumers said they plan to shop for gifts the week before Christmas, according to a survey by American Express. Ten percent of consumers said they planned to buy gifts after Christmas to take advantage of post-holiday sales.
What's driving the discounts:
•Despite hints of an economic recovery, many Americans are still spending less. Forty-two percent of Americans plan to spend less on holiday gifts and Christmas tree storage bags this year than in 2008, and only 10% plan to spend more, according to a USA TODAY/Gallup Poll conducted Dec. 11-13. Forty-seven percent plan to spend about the same amount as last year.
Melanie Whitfield, 35, of Morrisville, N.C., says she and her husband, Shane, will spend less than $200 on Christmas gifts, down from more than $500 in past years. Shane Whitfield works in construction, and his employer filed for bankruptcy three weeks ago. He's still employed, but his paycheck has been cut in half, and he could be furloughed at any time, Melanie says. "We have three little measly gifts under our tree," she says.
•Consumers have become accustomed to discounts. Susie Drake, 65, of Marietta, Ohio, says she always looks for sales when she shops and usually won't buy an item that hasn't been marked down. That puts her in the majority: 62% of shoppers say they won't buy estate jewelry unless it's on sale, according to the Discover Card's annual holiday shopping survey.
This year, retailers conditioned consumers to expect discounts by slashing prices on Black Friday and Cyber Monday, and now they're finding it difficult to discontinue those types of offers, says Brad Wilson, founder of BradsDeals.com, which offers online coupon codes and printable coupons.
Still, bargain shoppers will need to lower their expectations a bit, says John Long, retail strategist for Kurt Salmon Associates. Many will create cash for gold jewelry and coins. Because retailers did a better job of managing their inventories this year, consumers shouldn't expect to see the "fire sale, jaw-dropping discounts" that characterized last year's shopping season, Long says. "Fifty percent is the new 80%."
The markdowns won't be as drastic as they were a year ago, when retailers were forced to slash prices by 60% or more to move items off their shelves, says Vikram Sharma, chief executive officer of ShopLocal, which tracks retail advertising in newspaper circulars.
But procrastinators will find plenty of items discounted by 20% to 40%, he says.
More than 20% of consumers said they plan to shop for gifts the week before Christmas, according to a survey by American Express. Ten percent of consumers said they planned to buy gifts after Christmas to take advantage of post-holiday sales.
What's driving the discounts:
•Despite hints of an economic recovery, many Americans are still spending less. Forty-two percent of Americans plan to spend less on holiday gifts and Christmas tree storage bags this year than in 2008, and only 10% plan to spend more, according to a USA TODAY/Gallup Poll conducted Dec. 11-13. Forty-seven percent plan to spend about the same amount as last year.
Melanie Whitfield, 35, of Morrisville, N.C., says she and her husband, Shane, will spend less than $200 on Christmas gifts, down from more than $500 in past years. Shane Whitfield works in construction, and his employer filed for bankruptcy three weeks ago. He's still employed, but his paycheck has been cut in half, and he could be furloughed at any time, Melanie says. "We have three little measly gifts under our tree," she says.
•Consumers have become accustomed to discounts. Susie Drake, 65, of Marietta, Ohio, says she always looks for sales when she shops and usually won't buy an item that hasn't been marked down. That puts her in the majority: 62% of shoppers say they won't buy estate jewelry unless it's on sale, according to the Discover Card's annual holiday shopping survey.
This year, retailers conditioned consumers to expect discounts by slashing prices on Black Friday and Cyber Monday, and now they're finding it difficult to discontinue those types of offers, says Brad Wilson, founder of BradsDeals.com, which offers online coupon codes and printable coupons.
Still, bargain shoppers will need to lower their expectations a bit, says John Long, retail strategist for Kurt Salmon Associates. Many will create cash for gold jewelry and coins. Because retailers did a better job of managing their inventories this year, consumers shouldn't expect to see the "fire sale, jaw-dropping discounts" that characterized last year's shopping season, Long says. "Fifty percent is the new 80%."
