Ahhhhh, the holidays, with long-held traditions that include beautiful sights, wonderful sounds and tasty smells—and shopping, of course. But with holiday season 2009 comes an economic burden that we haven’t seen in 26-plus years: an unemployment rate of more than 10 percent. So it seems that a lot more people will have extra holiday stress this year: the feeling of being inundated by additional holiday debt.
A story from Associated Press this week mentions that with the tight economy, many Americans will “behave like Scrooge rather than Santa” this year. According to an AP poll, 93 percent of people will spend less than last year. Half of all those polled suffer from some debt-related stress, and 22 percent are feeling it greatly or quite a bit. That second figure is up from 17 percent just last spring, despite all the talk about economic recovery in recent headlines.
So although the holidays are often illustrated by bright, vivid reds and greens, silvers and golds, or even metallic blues, most of us are on a quest for the gray area. I personally don’t want to be Scrooge, but Santa really is tightening his belt this year. Although Black Friday might be the day retailers start turning a profit, the last thing we need is to see our finances plunging into the red!
Cheap is never chic, but “next-besting” is now the norm, as we strive to get the best (or next to the best) that our money can afford. Many blogs have jumped on this bandwagon. One of my favorites, Recessionwire (slogan: “the upside of the downturn”), gives tips to “avoid the chest pains that so often come in January when you open your bills.” All over the blogosphere, users can find insight into careful planning, and maybe a bit of creativity, that will help them have a happy, gray holiday.
Recessionwire has also posted several articles on saving money on holiday gifts. One post, titled “The New Rules for the Recession Holidays,” suggests that some previously taboo tactics, such as regifting and group giving, are now perfectly acceptable—admirable, even. It also mentions a site called Gift Card Granny, which sells discount gift cards, and I found some interesting deals here, including a $50 Macy’s gift card for $42 and a $180 gift card to Sephora for $154.
America might be undergoing a social status makeover, where individualistic consumption and luxury are now shameful; what better illustrates this than the term “recession shopping” and the fact that it has scored more than 19.3 million hits on Google? Recession shopping is the new black, according to Paypal Marketing Director Beth Strobel, who said in a recent Time.com article, “Being frugal is in, and being lavish is out.”
Even Sarah Jessica Parker laughingly remarks in Harper’s Bazaar that her “Sex and the City” character Carrie Bradshaw would “probably end up in a hospital. Perhaps she would go back to her ’80s stuff and start bringing it back out.” It’s undeniable, however, that this economic crisis is no laughing matter. Consumers are saving, luxury brands are suffering and “keeping up with the Joneses” is so passé. In fact, according to a recent Adweek survey, 72 percent of polled participants agree with the statement “It’s no longer important to keep up with the Joneses,” while 48 percent said as a result of cutbacks in their family budget, they’ve redefined what’s truly meaningful.
So for 2009, Santa’s got a brand-new bag. Although it might not be Fendi or Gucci, it is a lovely shade of gray with stunning accents, it is still truly meaningful—and it was undoubtedly purchased at Filene’s Basement or on Overstock.com.
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