Recession Winners
Even in years when consumers are at their thriftiest, certain items always manage to defy slow end-of-the-year sales. Here's a look at some of the holiday bestsellers of past recessions and what they tell us about how shoppers might spend their dollars this time around.
by Liz Gunnison
1973...Consumers Conserved Oil.
Skyrocketing energy prices turned 1973 into a lean year for gift giving (sound familiar?), as consumers opted away from luxuries and toward more practical items aimed at curbing energy use. According to a December 23 New York Times article, electric heaters, as well as electric blankets and gas-tank locks, were some of the biggest sellers of the season.
2008...Bikes Will Be Big.
Gas prices have again risen into the realm of the absurd, and this time around, more and more Americans are shifting from four wheels to two. According to a recent survey by advocacy group Bikes Belong, 73 percent of bike shops polled say that sales have increased; mopeds, motorcycles, and electric bikes are also rising in popularity as an alternative to getting behind the wheel.
1982...Computers Went Personal.
In the winter of 1982, high levels of unemployment put the squeeze on stores like Sears, J.C. Penney, and Kmart—but the wealthy were still spending cash. With personal computers just beginning to enter the mainstream market, models from I.B.M. and Apple were popular Christmas toys for grownups.
2008...Apple Will Still Reign.
Twenty-six years later, Apple is still dominant. In 2008, the new iPhone 3G, the iPod Touch, and an updated iPod Nano are expected to be a few of the gadgets topping wish lists. Apple is also expected to revamp its line of Macbook laptops in time for the holidays.
1991...Books Bucked the Trend.
Book sales have been considered recession-proof in the past, as tight budgets send consumers looking for less-expensive gift options. Bookstores showed the biggest sales gains of all retail sectors in 1991, and topping the fiction bestseller lists in December were Michael Crichton's Jurassic Park and Pat Conroy's The Prince of Tides. A Year In Provence, by Peter Mayle, rode near the top among nonfiction offerings.
2008...Books Look to Thrive.
Publishers will be crossing their fingers that, in today's tech-centric world, books still have the same recession-era allure as they used to. Big holiday releases include Wally Lamb's Hour I First Believed, Toni Morrison's A Mercy, and Stephen King's Just After Sunset.
2002...Xbox Exploded
Despite tighter budgets in 2002, holiday shoppers still poured money into snazzy new consumer electronics like DVD players and gaming consoles. Sony's Playstation 2, Nintendo's GameCube, and Microsoft's Xbox—as well as the games that accompanied them—were the must-have items of the season.
2008...The Wii Will Woo Shoppers.
Nintendo's Wii gaming system might not be new for the season, but it continues to attract interest, especially as consumers look for ways to entertain themselves at home on the cheap. A new edition of bestselling Wii game Guitar Hero (called Guitar Hero: World Tour) will be hitting shelves in time for the holiday season. It ought to give the gaming system a Christmas lift.
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