• July 22, 2008

Adding bleak news to previous forecasts, Deloitte says 71% of shoppers plan to spend less this year than they did last year--and by a lot.

Some 48% say they plan to spend at least $100 less. As many as 90% will head to discounters for at least some of their shopping, and 37% say they will shop at dollar stores.

"These survey results indicate that consumers will likely stick to the basics this fall, and parents may be saying 'no' more often as they head to the register," the accounting company says in its release. "Retailers should focus on areas that will contribute to profitable growth, such as adapting their merchandising and promotional activities to increase loyalty among existing customers and attract new customers."--Sarah Mahoney