Today, December 24th, is - for many people around the world - a day for last minute preparation and, for many as well, the last hours to conduct last minute shopping for Christmas Day tomorrow. But this year, with the global economy on the way down and many people fearful about what their economic future holds, how many of those last-minute shoppers are going to be out and about this year? A recent survey done by Gallup in the United States suggests that those who are shopping aren't spending nearly as much money. Nearly half of all the respondents to the survey conducted in mid-November said they planned on spending less this year. So what is this going to mean for the retail industry around the world during this, the most important sales season of the year? And which areas of the retail sector are going to feel the greatest pinch?

Ni hao, you're listening to   People In the Know,, your window into the world around you, online at crienglish.com here on China Radio International. In this edition of the show, the day before Christmas, we're talking about retail sales and buying trends this holiday season. So let's get started.

(Music)

First let's hear from a retail analyst in the United Kingdom. Tarlok Teji is the head of Deloitte's UK retail section.

(Dialogue with Teji)

And after a short break, we'll hear from a pair of experts about buying trends this holiday season.

(Promo)

Ni hao, you're listening to People In the Know, your window into the world around you, online at crienglish.com here on China Radio International. I'm Paul James in Beijing. In this edition of our show we're talking about Christmas holiday spending trends, particularly given the global economic slowdown we're in right now. For more on this, CRI's Peter Koveos spoke with Professor Cele Otnes, professor of Business Administration with the College of Business at the University of Illinois.

(Dialogue with Otnes)

And finally we'll find out what impact the reduced amount of spending is going to have on China's manufacturing sector. Professor Yin Xingmin is the Vice Director of the China Center for Economic Studies at Fudan University in Shanghai.

(Dialogue with Yin)

And with that we close out this edition of People In the Know, online at crienglish.com here on China Radio International. For those who are opening presents tomorrow to celebrate Christmas, bare in mind that while some of those gifts might not be as elaborate as you might have hoped, as the saying goes: It's the thought that counts. Questions or comments for us can be sent to people@cri.com.cn. For Executive Director Zhao Yang and Producers Chen Mo and Xu Yang, I'm Paul James in Beijing. Enjoy the day.