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Claycomb: "We can expect retailers to offer price inducements and discounts that are bigger and earlier, and more often than we've seen in the past, and they'll use targeted promotions to draw people into stores."

Retailers may need all the price inducements they can offer, because according to research from The Nielsen Co., U.S. consumers across all income levels expect to spend less. With an economy in turmoil, only 6 percent expect to spend more, and 50 percent of consumers surveyed expect to spend the same amount as last year during the holiday shopping season, historically defined as Thanksgiving week through the last week of December. Claycomb generally agrees with the survey.

Claycomb: "Retailers should expect flat to small increases in overall holiday spending, and credit card spending will probably mirror this. Customers will be looking for deals and value."

Even if shoppers find their way into stores this holiday season to take advantage of early holiday sales, retailers may have unintentionally created a challenge in the future, according to Claycomb.

Claycomb: "This could be good for retailers as people are drawn into the stores to shop, but it could be bad as customers come to expect and wait for sales."

Claycomb also says savvy consumers will take advantage of sale prices this holiday season.

Claycomb: "Consumer approaches to spending this holiday season will be bargain hunting. They'll start shopping early to look for sales, and they'll be looking for deals and values and gifts and nongift purchases for themselves even."

And Claycomb expects credit card spending to stay flat.

Claycomb: "Credit card spending will probably also remain flat to small increases. People will perhaps take on less debt than they have in the past."

Even in a down economy, Claycomb says, people will continue to spend money on necessities.

Claycomb: "Even if the economy is down, people will still spend, particularly on necessities, but not necessarily on nice-to-haves. And online spending could be popular because of easy price comparisons and research, and free shipping offers might induce customers to purchase online."

In America, the Christmas holidays are said to be the most celebratory and social time of the year and loaded with tradition, family and spiritual meaning. Holiday shopping has always been important to retailers, for many it's 20 percent to 30 percent of their annual revenue. And 20 percent of Americans work in a retail-related industry.

Because nearly two-thirds of our economy is linked to consumer spending, everyone from economists and politicians to homeowners and, of course, retailers are holding their breath.

Thanks for listening. Until next time, this is Joe Kleinsasser for 黑洞社区.