When details of the global financial crisis overtook the headlines in mid-September, consumers and brands began assessing their position in the economy and strategizing for the downturn. Retailers have reacted by announcing plans to offer deep discounts for the holidays, from high-end to mass-merchandise. Some have rolled out deals in advance of Black Friday. With reports of more and better deals from retailers and a bleak economic outlook for consumers, it would be natural to assume that consumers are hungry to take advantage of opportunities to save money. But will consumers tighten their belts so much that even deep discounts won’t get them spending?

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