Holiday spending will likely fall

How about a seven-piece olive oil dipping set for someone special on your holiday shopping list? Or maybe a Remington do-it-yourself-haircut kit?

With consumers dispirited from an economy in the dumps, the folks at BJ's Wholesale Club have put together a shopping list for frugal gift givers. The list, which includes a set of Royal Bohemia Etched Wine Glasses (right) as well as the aforementioned olive oil dipping set and the do-it-yourself hair clippers, is made up of items with price tags of under $30, Natick-based BJ's said.

According to at least one retail analyst, gift-giving will likely fall off this year.

"Gift buying is expected to be limited to immediate family, children, and close friends only," said IBISWorld Inc., a California publisher of business research.

In a press release devoted to projections about holiday shopping, IBISWorld estimates that total holiday "will fall by 3.3 percent to $460 billion, with price the foremost factor when purchasing Christmas food, gifts, and decorations."

Thanksgiving spending is also set to decline this year, said IBISWorld, which added, "With the financial crisis looming, the 155 million American households celebrating the holiday will only spend $28.5 billion this year – down 3.4 percent from 2007 - 90 percent of which will be spent on food alone."
(By Chris Reidy, Globe staff)