How are you planning on buying this year, considering the election, recession talk, and gas prices?

I'm going to a small market in Atlanta this weekend, and honestly, for the first time I have no idea what I'm going to do. I am nervous about the recession, and I'm just not sure which way I want to go. Most likely, I'll be purchasing items that are low price point and more gift-oriented, as opposed to larger, more expensive home accessories, because those are the items that seem to be moving right now. We've definitely seen a slowdown in foot traffic in the store, and it's kind of scary. We'd rather be conservative and kind of take it easy right now.

People are tightening their belts, big time. Since I sell, basically, “needless” (fashion accessories) items, my business is being hit hard. Also there is increased competition in my area with stores adding more accessories.

I'm going to get out of the accessory/gift business and start a new business. I am in the process of opening a bead studio/store. People may not spend money on store goods, but they'll spend on hobbies, recession or no. I am constantly surprised by how much people spend on hobbies. I teach part-time at a bead store, and have observed customers buying hundreds of dollars of beads and findings at a time! My area does not have a bead store; most people here have to drive around 20 miles to the nearest one. I already teach and design, so a studio/bead store would be a nice marriage of interests on my part, and a convenience for local beaders/ designers. I'm still in the process of establishing the business, and will probably be ready to go around late spring. We've begun informing clients, and there is a lot of interest and excitement — but only the future will tell.

Like many others, I witnessed a rather anemic holiday season. When November was not progressing as Novembers usually do, I formulated a plan to keep up my spirits, excite me and hopefully bring a successful 2008. My plan began with a thorough look at what categories I might eliminate, what large items I should clearance, and what might wow my customers. Since I love summer, outdoor entertaining and gardening, I focused on summer fun. Before I went to market, I researched products and searched for things I'd noticed before which fit into my plan. My first stop was colorful bistro sets. Then I bought around the bistro sets: dishes, glassware, rugs, candles, flip flops, serveware, ice cream makers, scoops and dishes, cookbooks for outdoor entertaining and picnic sets — all color-coordinated to the bistro sets. My plan called for product with high perceived value, lowering my usual buying price points a bit, and staying away from anything that resembled what's at large chain stores. We will be talking parties, selling invitations, and talking recipes from my favorite cookbooks. Narrowing the breadth of our products, providing unique product at good prices and telling a story of fun for summer, is our method of dealing with the times.