The stock market continues to be a drag on consumer sentiment, with the S&P 500 dropping 7% since November 3rd, and the 2008 Holiday Shopping season remains in jeopardy.

The Pulse of the Shopper remained steady and decidedly weak for a third straight week. Another reading based on 3,300 in-market shoppers showed almost no change from the prior week. Shoppers planning to Spend Less than last year outnumbered those planning to Spend More by 15 to 1 (chart below).

Pulse of the Shopper: Holiday Spending Intent Compared to Spending in 2007

Despite the excitement of a historic election campaign and efforts by the government to restore confidence, the consumer continues to edge further towards the sidelines.

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