Last minute holiday shopping? You're not alone
Last-minute Christmas shoppers are expected in full-force at area malls this weekend.
Rising food and fuel prices have cautious consumers taking more of a wait and see approach than ever before.
"It's not surprising that we're seeing a last-minute rush. Consumers have learned there is a potential for deep discounting right before Christmas," said Anne Brouwer, a senior partner with Chicago's McMillan Doolittle retail consulting firm.
Other shoppers say they choose to shop at the last minute because it helps put them in the holiday spirit. It's an adrenaline rush.
More than 35 million shoppers, or 16 percent of the consumer base, lead by men, admitted they haven't started shopping yet, according to the National Retail Federation. The average person has completed about half of his or her shopping.
To lure in these shoppers, many retailers have announced price cuts.
"Tremendous promotional energy will make this a very busy weekend," said George Rosenbaum, chairman of the Chicago-based market research firm Leo J. Shapiro & Associates. People who have been holding back will get out and shop under the influence of really low prices, he said.
Discounts this year have been 15 to 20 percent greater than last year, according to Marshal Cohn of the NPD Group, a global market research company.
Retailers are trying things they've never done before in an effort to grab a piece of the Christmas spending pie.
Kmart announced its first-ever 64 hour sale, beginning at 6 a.m. today and concluding at 10 p.m. Monday.
And for the first time ever, some Macy's stores on the East Coast will remain open for 24 hours through 6 p.m. Christmas Eve. Walgreens drugstores are also open on Christmas Eve and Christmas Day to serve procrastinators and sick customers.
Retailers are aware it's not going to be a stellar holiday and in an effort to clear merchandise they have to do something, Brouwer said.
"There's potential for some deep discounting. Retailers are trying to make a push during these last days," she added.
Area malls will run traditional holiday extended hours.
Woodfield Shopping Center, as most malls, is expecting its busiest weekend of the year. General Manager Marc Strich has noticed people have been more cautious in their spending. They're waiting to see if they'll get a better price as we get closer to Christmas.
Though the holiday season will be a challenge for retailers, and while shoppers are paying attention to prices, people are still buying Christmas presents, said Tracy Mullin, president of the National Retail Federation.
She said the last-minute rush will be busier than ever.