Consumers are dreading their Christmas shopping. Not because of lines, but because they do not know what to buy. There are no new, different or unique products being sold. Electronics and gadgets do well every year but apparel may take a dive.
Also, people do not want to shop for themselves because they cannot afford to. Consumers feel that if gas prices were lower they would be able to spend more for Christmas. Gas prices are up 30% from where they were last year at this time. An estimated $7 less per week will be spent over this holiday season.
Lower-income consumers will be affected most by the price of gas. "High-end shoppers" are less affected. Luxury items will still be bought. A senior retail analyst at Bernard Sands', Richard Hastings, feels that "consumer spending will see more of a marginal change rather than a substantial change."
Will gas prices really affect Christmas shopping? I don't think so. Christmas shopping always becomes a concern and people use gas prices this holiday season for their way out.