This year 38% fewer cargo containers are traveling the high seas. Seasonal buyers have been cautious about this year’s Christmas shopping. For months K-mart has been running adds about lay-away shopping. This is a retro concept from the 1950s. You can select the item now and pay each payday until it is paid off. This is how families used credit before there was Visa.

The truth is that many families will be spending less this Holiday Season. Almost 16 million people are out of work this year. Middle Management ex-employees have been hit especially hard. Too many did not tighten the belt when they were laid off. They had severance packages, which have sustained their life styles, but they are almost gone. So are the unemployment benefits and most of their savings. These are the people who were more concerned about where to vacation, then how to make the mortgage payment. The BMW has been sold and they are now driving a stable used car with better gas mileage. Vacations are on hold and so is Christmas for the adults. The kids will receive less, but hopefully they can find a new gift under the tree.

Hopefully they can discover the joy of being a family and doing things together. This is not the first time this country has seen tight financial times, but it may be for some of your neighbors. So get together with friends, share expenses, and have some fun, because Santa is on a budget this year.

Ken Bear Cole

A Second Look Business Consulting LLC