“America is on Sale”by Tim Manni
Is cheap the new normal? At least one American business executive seems to think so. With consumer spending in the tank, retailers are doing whatever they can to lure shoppers. Personal finance gurus say there has never been a better time to be a consumer:
The Great Recession has caused massive job losses and hardship for millions, but it has also fostered a shoppers’ paradise. Anyone who still has the means to spend can find unheard of deals.
Prices on everything from clothes to coffee to cat food are dropping, some faster than they have in half a century. Items rarely discounted – like Tiffany engagements rings – are now. The two biggest purchases most people make – homes and new cars – are selling at steep price reductions.
“This is the new normal,” says Donald Keprta, president of Dominick’s, a supermarket chain in the Midwest, which just cut prices by as much as 30 percent on thousands of items. “We aren’t going back.”
While we’re well aware of the national price trends, what good are cheap prices if no one’s buying? In about a year, we’ve gone from a spending nation to a saving nation. In our opinion, it’s not because we want to, it’s because we have to. Americans have turned frugal overnight because nearly 10% of the nation is unemployed, credit lines are frozen, and our bills have piled sky high.
Despite the rock-bottom prices, many Americans can’t afford to upgrade to a flat screen T.V. or trade in their clunker for a new car. We just hope that Donald Keprta is right. If “this is the new normal,” hopefully prices will stay low and the sales will be as abundant when things truly begin to turn around for all of us.
Readers: What items have you bought recently due to the low prices?
For more ways to save, be sure to read our article “Money-Saving Websites for Almost Everything.”