Friday marks the start of the holiday shopping season. It's the biggest shopping day of the year when retailers aim to go into the black. But retailers are bracing for a difficult battle this year.
The Consumer Federation of America says 35 percent of Americans intend to spend less on the holidays this year. And recent sales figures from discounters, department stores and specialty outlets are not promising.
Retail analyst Howard Davidowitz tells Renee Montagne that this bleak scenario for retailers means they will be slashing prices to stay competitive — good news for consumers.