The job market is one place where many people are finding stability to be difficult. Most employees are waiting to see if their names will appear on a short or long list of lay offs, downsizes, reorganizations or company changes. No matter the different type of term used. People are very nervous about their futures and their jobs. I hear many people talking less and less about spending for the holidays this year. People understand the economy is bad, but they are personally worried about their own futures.
I know retailers and businesses are working towards lowering prices at the lowest they can for consumers. However, it may not be enough for families that see unemployment, an unstable job market, automatic utility bills, mortgages, rental payments, car notes, insurance, prescriptions, doctor visits, food, gas, and other responsibilities as a clear decider in how much they spend. Many of them say that when they file their taxes, the money refunded will be used to purchase holiday gifts for families and friends. People just cannot afford to spend money this year. Some family and friends may not make it on the gift list or the holiday card list this year.
We are looking towards the future with a hope that things will get better soon than later. In the meantime, people are budgeting money spent on gifts, convenience shopping and perks. The times may call for consumers to trust that the economy will turn around, but it does not feel like it is happening in a way that can change minds about consuming from now through the end of the year.
