If Bing Crosby was around today, he might be singing, "I'll Be Broke for Christmas." A recession is not exactly the cheeriest time in which to celebrate the holidays.
A report by the International Council of Shopping Centers, or ICSC, found that year-over-year sales at U.S. retail chains fell 0.9 percent in October, and predicted an abysmal holiday shopping season. "ICSC Research is now paring its holiday forecast to the low end of our forecast range," said Michael P. Niemira, ICSC chief economist and director of research.
There's no doubt that many Americans will be looking at drastically reduced holiday budgets -- and for gifts that are more practical and affordable than the iPhones and Wiis of yesteryear.
"I think people are re-evaluating their spending and credit usage over the holidays," says Jennifer Melnick Carota, author of The Gift Therapist blog and the book "Shop Smart Give More." "They're basically riding out the storm."
But take heart. Just because you won't be blowing a Santa bag full of cash doesn't mean that Christmas has to be a dreary affair. "I'm confident that the current economic situation will not adversely affect the giving season," says Carota. "People will become more creative and frugal with their giving dollars."
In that spirit, here are 12 recession-proof ways to use your ingenuity and know-how to boot the bad-economy Grinch out of your holidays and spread some serious holiday cheer.
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