Shoppers Showing No Valentine's Love for Retailers

In today's economy it's understandable that people won't be spending as much on gifts this Valentine's day. Studies show that consumers plan on spending an average of $102.50 this on gifts this year, which is a 17% drop from 2008. It is predicted that one of the sharpest drops in spending will be in clothing and intimate apparel, an industry which many of us plan on working in.

Retailers are having to lower prices, sometimes even below cost, just to get consumers to buy their products. Retailers are also trying creative advertising and marketing campaigns to lure consumers into their stores. Some stores are offering free gifts with purchases, while others are promoting the chance to win free trips. Retails are having to become more innovative this Valentine's day in order to compete in this lagging economy and give consumers a reason to buy. Many of us who work in retail will see the difference in sales and what consumers are buying, which is probably going to be a lot less than years past.

http://www.time.com/time/business/article/0,8599,1878843,00.html