Summer hasn't officially begun, and yet the mad dash for Christmas cash is under way.
In a nod to the fragile state of the modern consumer, Toys "R" Us is trotting out an old-fashioned idea: its first Christmas Savers Club -- in June.
The program, which debuted last week, marks an unusually early kickoff to the holiday season and signals the unease moving through the retail industry as high unemployment and financial worries continue to weigh on consumer spending.
"We know that parents and extended family are still challenged ... and consumers are still very value-conscious," said Greg Ahearn, senior vice president of marketing ande-commerce at Toys "R" Us.
Though Ahearn declined to make predictions for the Christmas season, the short-lived U.S. retail sales revival this spring suggests retailers are heading into a lukewarm holiday shopping season.
Encouraging shoppers to put away money early allows Toys "R" Us to lock in sales before holiday toy price wars begin. For the past four holiday seasons, Wal-Mart Stores, the nation's largest toy seller, made price cuts on popular toys before Halloween. Target and Amazon.com followed suit.
Now Toys "R" Us is pushing the limits of Christmas creep. Promoting holiday sales before the season officially starts on Thanksgiving weekend has been around for years. But when the U.S. went into a recession in late 2007, retailers began urging shoppers to think about Christmas gifts earlier each year.
In 2006, Wal-Mart introduced holiday toy deals in October. In 2007, L.L. Bean mailed its holiday catalog in September. Last year, Sears opened its Christmas Lane shop in July.
At Toys "R" Us, the Christmas Savers Club allows shoppers to earn 3 percent on the money they set aside. Shoppers contribute money by purchasing what amounts to a gift card with a passport-style book, an envelope to keep receipts and a ledger to keep track of deposits and withdrawals.
Shoppers can put up to $2,500 on the card, yielding a bonus of up to $75. The bonus is calculated Oct. 16, and spending with the card begins Oct. 31. The amount on the card doesn't expire; it is good after Christmas.
"It's still going to be a difficult [holiday] season," said Scott Hoyt, senior director of consumer economics at Moody's Economy.com, "clearly better than the last few, but by no means will it be back to business as usual."
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