Oh no! How will we mark the holidays if not through mindless consumerism and fealty to capitalism?!
It’s not so much that people are choosing not to participate in mindless consumerism, but rather that they can’t afford to. This is an indicator that a classic capitalist crisis is unfolding where people’s income has become so low that they’re no longer afford to buy goods. This in turn means that businesses start losing profits and lay off employees, which further feeds into the crisis.
No wage increase! No cost of living decrease! Only more christmas spending!This is the best summary I could come up with:
NEW YORK/RALEIGH, N.C., Nov 24 (Reuters) - Shoppers took to stores across the world on a Black Friday that appeared subdued compared with prior years, looking for discounted electronics, clothing and household goods in the kickoff to the holiday shopping season crucial to big retailers.
Caution from shoppers – coupled with a strong quarterly performance from discount retailers like Target (TGT.N) and Ross Stores (ROST.O) – show lingering concern over inflation and a higher cost of living even as fears of a recession recede.
U.S. shoppers plan to spend an average $875 on holiday purchases - $42 more than last year - with clothing, gift cards and toys at the top of most shopping lists, according to a survey of 8,424 adults conducted in early November by the National Retail Federation.
“I think people are going to still spend on travel and leisure activities that might be online and not necessarily in stores,” said Jimmy Lee, CEO of The Wealth Consulting Group, which holds Amazon shares.
Best Buy (BBY.N) is offering between $100 and $1,600 off electronics including laptops, flat-screen TVs and KitchenAid mixers after telling investors this week that shoppers are holding off on big-ticket purchases.
A downturn in luxury spending prompted department stores, including Bergdorf Goodman and Nordstrom (JWN.N), to offer steep discounts on items such as Balenciaga shoes and Oscar de la Renta earrings.
The original article contains 872 words, the summary contains 227 words. Saved 74%. I’m a bot and I’m open source!
