More Americans pinching pennies this year

WASHINGTON, Nov. 26 (UPI) -- More American shoppers are watching their pennies and hunting for bargains amid the souring U.S. economy, experts say.

The Christian Science Monitor reported Wednesday that 45 percent of Americans, up 9 percentage points from last year, plan to look for bargains this holiday season.

"Almost half the people polled are looking to save money," says Erin Hershkowitz, a spokeswoman for the International Council of Shopping Centers. "The one retail sector still showing positive results is the discounters."

The newspaper said entrepreneurs are finding it profitable to show people how to cut expenses, including during the holidays.

Take Samantha Chapnick. She runs a Web site called kidcityny.com, which she says tries to help families cut expenses to maintain their lifestyle

"We had the same thing happen after the 1930s," said economist Dennis Jacobe of Gallup Inc. "There was a change in psychology, where savings had a higher priority and spending a lower priority. It's not a bad idea for the individual and their balance sheet, but for the economy, it means a whole lot less spending and slower economic growth."