Wednesday, October 8, 2008
recession recession recession coming to E4 starring crusty
Monthly reports from Wal-Mart, Costco, J.C. Penney and other big retail chains confirm that American consumers are now sticking to buying necessities - at bargain prices - and cutting back on most other discretionary products. "Consumer debt levels are high, access to credit has evaporated and the job market is weak," said Ken Perkins, president of sales tracker Retail Metrics. In this environment, Perkins said consumers "will try to stretch every dollar and they aren't going to do that at department stores."