Spending less during the holidays?

New York Magazine’s “cover story” last week, titled “Live Cheap Without Giving up Much” offered some unique advice, such as “Trade in Your Dog for a Fish,” but also caused a revaluation of the effect of our spending habits, and how these habits will have to change because of the impact of the recession. An NPR article by Dina Temple-Raston discussed the statistics released by the Labor Department that indicated the unemployment rate to be at "6.5 percent" and stated that there was a "240,000-job loss" in October. According to Temple-Raston, the annual job loss is “over 1.2 million.” An article from Yahoo News explained that with the unemployment issue, we can expect Congress to “enact a stimulus fiscal package” that will include “unemployment benefits.” However, the article said that the economic situation is not likely to improve soon, with industries suffering and people having trouble finding even part-time jobs. The results are sure to affect America’s shopping choices in the upcoming holiday season. A Consumer Reports poll, consisting of “a nationwide survey of 1,001 adults,” indicated that 59 percent of shoppers are considering to “give fewer gifts,” while 84 percent said that they would “purchase less gifts for themselves.” It will be interesting to see if these predictions come true, or whether shoppers will just buy more at stores that offer lower prices, such as the Wal-Mart, Kmart and Target trio.