Retailers just can’t seem to catch a break. Last Christmas factory shutdowns and eye-watering shipping costs did their best to shelve sales. This year it’s economic storm clouds that threaten to turn us all into Christmas spending scrooges, just as stocks of Sony (SONY - ADR) PS5 consoles finally look set to appear in shop windows! 🎮

Amazon (AMZN) was first to dash Christmas spirits last week by warning investors not to get their hopes up for the Christmas spending season ahead. Other major retailers are also said to be preparing for ‘Bleak Friday’ sales as inflation bites and two years of Covid lock-downs mean we really don’t need another air fryer under the tree this year.🎄

That trend could already be playing out in New Zealand. Despite eager Costco (COST) members helping to crown the company’s new Aotearoa store one of the busiest in the world, Kiwi Bank says total spending on goods declined 0.7% over the September quarter.

In fact, across the motu, we’re still spending, but in different ways. Instead of buying ‘stuff’ we’ve been out spreading our legs and making up for lost lockdown time by spending more on experiences, like sports and film festivals. And Kiwis aren’t the only ones. MasterCard (MA) says spending around the world on airlines, hotels and restaurants boomed in the three months to September, while spending on home furnishing and appliances has been given the sack. That might make Santa’s sleigh a bit lighter this year, but it could mean another lean Christmas for retailers.🎁