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Inflation-Wary Shoppers Pull Back as Goods Pile Up in Stores
- Slammed by inflation and uncertainty, consumers pull back
- Both business and individual bankruptcies could rise next year
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Jude Snair knows retail. She works in the portrait department of a JCPenney at the Newport Centre mall in New Jersey. But with or without an employee discount, the 20-year-old said she was mostly avoiding holiday shopping this year.
“It’s looking more that people this year will be receiving homemade things,” Snair said as she filled out appointment sheets. She planned to cut her gift spending by more than half and vows to avoid Amazon.com, her main destination last year. “Do I even have the extra money to get stuff for people?”