Strapped Budgets Make for Better Gifts

Sales of craft supplies and handmade items shine

(NEWSER) - Although the economic downturn has nearly everyone pinching pennies, craft stores are watching theirs stack up as holiday gift-givers are saving money by making their own gifts or buying handmade items from others, the New York Times reports. While overall retail revenues in November were off 7.4% from last year, the $5.9 billion craft sector is enjoying booming sales, according to retailers. More»

(NEWSER) - Naughty or nice, America’s retail stores can’t look forward to two of the holiday season’s usual boons: gift card sales and “self-gifting” splurges, MarketWatch reports. About 44% of shoppers say they will not buy gift cards this year, up from 26% last year, a marketing study says. Meanwhile, people are being stingy with themselves as they shop for others. More»

Talk-show host's holiday goodie bag will be unusually downscale this year

(NEWSER) - Oprah’s favorite things this year are cheap, cheap, cheap, Us Magazine reports. The TV host, who usually gives away pricey items on an annual holiday show, will bow to the economy and push affordable stocking-stuffers instead. The Nov. 26 airing also includes DIY tips, with viewers meeting “a mom who shows us how to create a one-of-a-kind treasure that comes straight from the heart.” More»

Fantasy gifts for 2011 unveiled in 'Christmas Book'

(NEWSER) - It’s that time of year again: time for Neiman Marcus to say, “Recession? What recession?” and urge you to purchase a $250,000 mahogany speedboat for your beloved this Christmas. Yes, the Christmas Book was unveiled yesterday. To really get into the holiday spirit, read on for the highlights, via AP :

• $1 million: A cool mil will get you a fountain, apparently with water that dances to music, installed in your home.
• $420,000: Private jet tour of European flower shows.

And the future is looking bleak, say economists

(NEWSER) - Layoffs have climbed to their highest level in nearly a year—1.78 million workers were handed pink slips in May, the most since August 2010—increasing ever-present fears about the US economy. The Wall Street Journal highlights the latest casualties: Cisco Systems plans to slash 6,500 jobs; Lockheed Martin this week made a voluntary lay-off offer to 6,500; Goldman Sachs is getting rid of 1,000 jobs; even Cracker Barrel cut 60 employees. More»