Credit markets freeze. Financial institutions implode. Economic benchmarks plummet. Consumer spending plunges. Unemployment skyrockets. Bail out plans are unveiled. Global markets fall like dominoes and consumers tighten their hold on wallets. What are a retailer and manufacturer to do? Read on for strategies on how to manage the economic downturn.

The global financial crisis is impacting every market around the world, but that doesn’t mean consumers everywhere are reacting the same way. While huge numbers of people feel the impact of rising fuel prices and plan cutbacks in new clothes, utilities and entertaining, it’s the consumers in the world’s developing markets who feel the most optimistic.

Color the 2008 holiday shopping season red for investment losses, white for shredded financial documents and blue for American consumers dealing with the double whammy of failed financial markets and crumbling employment numbers. An equal opportunity offender, the market downturn has impacted all economic strata , including the one-third of high net worth individuals dialing down holiday spending.