Discounts Greet Shoppers As Christmas Nears

Email a Friend

With Hanukkah already underway, and Christmas just 17 days away, the streets of Manhattan are filling with shoppers.

And many retailers are already marking down their goods.

Shaun Rowan, an executive fragrance company, picked up some cufflinks at Bloomingdale's at a 70 percent discount.

“I was looking for Christmas ideas but I ended up buying something for myself though,” Rowe said. “It'll be under the tree.”

Wendy Liebmann, founder of WSL Strategic Retail, said the discounting is particularly noteworthy at higher end stores including Barneys and Saks. She believes fears about the so-called "fiscal cliff" may be leading wealthier customers to be more cautious about spending.

“They're the ones who are saying, ‘Oh gee, I'm gonna be the most impacted. So unless it's a great deal, I don’t need to do this right now,’” Liebmann said.

The National Retail Federation predicts shoppers will spend an average of $750 on gifts this season, about ten dollars more than last year.