The number from the U.S. government means bad news for retailers this holiday season.
Latest trends show consumer spending was down by 3 percent for the third quarter. Retailers expect the worst Christmas in 30 years.
But one local store is bucking the trend.
Blue Leaf in Rice Village is doing well despite the tight economy, according to management.
The lifestyle store has been doing brisk business with affordable gifts, while Betty Garcia says it’s been difficult to move big ticket items like sofas that could cost as much as $10,000 at the shop.
Have you decided if you’re going to spend more or less this year because of the economy?