Who’s getting the coal in her Christmas stocking this year?
You guessed it – Mom.
An article in this week’s New York Times stated that “for millions of mothers across the nation, this holiday season is turning into a time of sacrifice. Weathering the first severe economic downturn of their adult lives, these women are discovering that a practice they once indulged without thinking about it, shopping a bit for themselves at the holidays, has to give way to their children’s wish lists.”
According to a survey by the NPD Group, 61% of mothers said they would shop less for themselves this year, vs. 56% of all women — and 45% of men.
Analysts say the decline in what women will spend on themselves this holiday is among the most drastic ever. Yet the general economic crunch could still mean fewer gifts for kids – and lower sales for retailers of kids’ products. While sacrificing their own holiday wishes may help moms save toward a toy or two their child really wants, they are also cutting costs by swapping children’s clothing, toys, video games and books with other mothers, rather than buying new versions. In some scenarios, moms are buying DVDs and videogames in bulk from warehouse stores, then separating them to create multiple gifts – not a good sign for manufacturers in those categories. Retailers targeting the mom market are acknowledging that families’ total holiday budgets are shrinking. While the toy business has typically been less affected by economic crises than other industries, this Black Friday Toys “R” Us offered the deepest discounts in its history, with 50% more “doorbusters” – extraordinary deals — than last year.
