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Retailers, consumers and prices

November 29th, 2008

Shoppers’ High Anxiety

Posted by: Michele Gershberg

As we talk to more and more shoppers over the holiday weekend, the high level of personal anxiety over the future of the economy comes into focus. We have read, and written about, the numbers on consumer confidence and retail sales performance, but these quotes give us a more individual view. Below are some of the ways in which people described for reporters Aarthi Sivaraman and Ben Klayman their fears, or even a change in attitude, regarding money, jobs and family.

Jersey City, New Jersey:

Rose Fernandez, law enforcement worker:
“Yesterday I received my social security savings (statement) and looked at it. I’m concerned. I’m going to put more away. 
    
Rose said her extended family was only living according to their means and were careful not to spend anything extra. She recently came out of $6,000 in credit card debt herself.

“It’s come to a point now when we are giving only to the kids. … It’s the way things have been. We have a meal together, laugh, joke and watch the little ones open gifts. When we grew up we had food, a home, a roof over our heads and a warm bed. That’s rich. In that sense, we are still rich now.”

Janice Peters, social worker: 
“There really isn’t that much money. Based on the news, it’s just going to get worse. … I’ve been thinking about the present and the future. But I feel much worse about the future.”
    
Janice said she has between $4,000 and $6,000 in credit card debt at this point. 

Heidi Hickman, marketing manager for USA Today:
“I have a lot of things on my mind. I got a notice there are going to be layoffs in my department. … It’s making me stop right now and not do anything until I find out. That’s going to tell me a lot about what’s going to happen and if I should halt spending altogether or not.”
    

Washington DC:

Judith Aplon, 70, visiting from Boulder, Colorado: 
“I intend to do little or no shopping … because I’m terrified about the economic situation and most of us don’t need anything else. … I’ve watched 43 percent of my retirement disappear and I don’t know what’s going to happen in the ensuing months and years so I’m being very cautious.”
 
“I’ve never been much of a consumer and I have found the consumerism of the country is appalling. It has reached its point of break.”
 
“We talk about other countries, where they have religious battles; in India for instance between Hindus and Muslims. It’s just the same here, except our religion is ‘buy, buy, buy.’” 
  
(Photos/Reuters)