Photo courtesy of the New York Times.

Retailers Get Holiday Reality Check (WWD)
Despite efforts to lure customers during the holidays, “the traditional late surge of shopping is nonexistent because of the deepening recession, which is likely to make this season the worst in memory,” reports WWD.

High street braced for Christmas sales carnage (Times UK)
Insolvency expert Begbies Traynor reports that in the UK, “15 national retail chains are predicted to go bust before the middle of January.”

‘Lipstick effect’ in full swing, economists say (The Telegraph)
“Economists believe that during hard times people forego extravagant purchases like cars, holidays and kitchens and instead spend their money on small luxuries like make-up,” reports The Telegraph.

Lutz & Patmos on Essential Recession Protection (WSJ)
Lutz & Patmos, a New York based  cashmere line, reveals how they’re coping with canceled orders.

Affluent cut spending, which is bad news for all (Forbes)
Even when the economy recovers, conspicuous consumption may no longer be in style.