A consumer survey by BIGresearch in early September, before the financial crisis hit, found that 52 percent of people said they would be spending less this year and 42 percent said they would be spending the same.

They say even luxury retailers will be offering discounts. But home furnishing stores will suffer the hardest and we may not be buying as many gift cards, which was a huge holiday item last year. But we'll still show some love for electronics, which may have some good deals.

So here's what I think: Retailers will need to get a little creative with their sales this year,