With consumers holding on to their cash, low prices and blow-out sales alone will not be enough to spark purchasing during the worst recession in decades. They could even be a downright turnoff to some people, suggesting a price was far too high to begin with, or calling an item’s quality into question.

Creating a sense of stability, reassurance, escape or even optimism in store environments and marketing messages will be more effective in courting customers in 2009 than simply imparting a sense people will be buying things on the cheap, marketing executives and trend forecasters said.

“Make it fun, not sad,” said Marc Gobe, president of consultant Emotional Branding. “Don’t feel naughty about it.”

Unbridled consumerism appears to be over for now. As unemployment hit 6.7 percent in November, the personal savings rate for the month rose to 2.6 percent of disposable income, compared with 1.1 percent in the third quarter of 2008. Joel Naroff, chief economist at TD Bank, expects this rate to hold firm and possibly rise through June.

Stores catering to the affluent, such as Neiman Marcus and Brooks Brothers, have reported significant declines in holiday business versus a year ago, underscoring that the high-end sector is no longer insulated from the wounded economy. And to judge by the broader shopping scene, many merchants are fearful that without discounts of 40 to 60 percent or more, the goods just won’t go.

“Retailers are in a total panic,” said Gobe, whose clients have included Ann Taylor, Victoria’s Secret and Brooks Bros. “The retail response has been to cut prices and lay off employees. When I get an offer of 60 percent off from Banana Republic now, I think they really must have been taking advantage of me before.” Marketers ought to start communicating with customers as if they are friends, he said, suggesting the most important thing for brands to do is to “use the Internet to be transparent—not in an aggressive promotional way, but in explaining who they are.”

Of course, price still counts for a lot. According to a new study by Young & Rubicam Inc. advertising, price triggered purchases of 80 percent of 2,500 brands people bought from 2004 through the first quarter of 2008, well before onset of the economic crisis last fall.

Lou Amendola, executive vice president of merchandising at Brooks Bros., said he’s concerned about spring business, which will follow a holiday season in which consumers got used to finding designer apparel, accessories and footwear that was heavily discounted.

“Brooks Brothers doesn’t consider itself a designer brand, but I do think this is going to affect every retail store,” Amendola said. “They may not buy much of anything in the spring season.”

Daily customer surveys at Wal-Mart stores in recent weeks are indicating that more customers are shopping the world’s biggest retailer with increasing frequency as they see “we are broadening the price gap” with the competition “especially on basics throughout the store,” said John Simley, a company spokesman.