Frugality Shortens Holiday Wish Lists

ABC News On Campus reporter Sabina Kuriakose blogs:

   Sheila Sood noticed something a little strange this holiday season.  “It’s odd, because normally this time of year people are thinking about what gifts they’re excited to get for the holidays,” said the Syracuse University senior. “I haven’t really heard about what people want.”

What Sood noticed is something retailers have feared. The holidays are around the corner but the economy is in the tank, officially. The U.S. economy was declared to be in recession by the National Bureau of Economic Research just this week, leaving hopes low for a holiday retail boost.

“My mom said don’t expect a lot of expensive things, be frugal,” said sophomore Erica Weitz.

Around campus, students and parents are closing their wallets and shortening their holiday wish lists.

“The gifts I want are basically the things I need,” said Sood, whose parents also asked her to lower her expectations. 

For students struggling with debt, gift giving will be limited to close friends and family. “I’m only planning on getting some stuff for my parents, nothing too crazy,” said first-year SU law student Gabriel Sanchez, who said the only thing he’s asking for is some help with his school loans.

“It used to be that I would buy gifts for all my close friends, but this year it’s going to just be family and maybe some select friends,” said Sood.

Weitz, like many other students, echoed the same sentiment.  “I’m not planning on buying gifts for a lot of people,” she said.

“Definitely less gifts for people, focusing on those most important to me,” said SU senior Larry Chen. The best gift idea he’s considering are magazine subscriptions, he added.  “They’re cheap and they last the entire year,” Chen said.

But others said they’re not expecting the economy to take a toll on their gift giving—or getting.

“I just got a new phone, I’m asking for a Wii and the new iPod touch,” said junior Astin Johnson, who wants mostly high-tech gifts.  “I have older parents and sisters, so the economy doesn’t affect us as much.”