yes but you are missing the forest for the trees. The avg christmas spending last year was around $866 per person. what that means is that a 1% in christmas spending equals about a $8.66 pullback in spending. Most christmas are considered good if people spend a 3-5% increase or if they spend $25-50 more. what we will see this christmas is a pullback of maybe 10=20% possibly a $80-200 pullback in spending.
Regardless of the pullback it is important to note that a 1% decrease is only $8.66.
In other words it will not take much tightening of the belts to produce one of the worse christmas ever.
Maybe so, but it is important to remember that not everyone is impoverished, despite the bad ecomomy. Most of those folks (the ones that cannot afford it) couldn't afford video game consoles and games anyway, despite the economy. There's still many families can afford a $250 Nintendo Wii and/or some games if they already own one.