Holyoke, Mass. (WWLP) - It seems like most Americans, and Wall Street, are still wary of what will happen in January when Congress must deal with the debt ceiling crisis all over again.
Stocks opened low, the value of the dollar dropped and surveys suggest people will be saving, not spending, this holiday season.
"All of those things have a repercussion that eventually [is felt] on consumer confidence even if the consumer doesn't follow them in detail," John Rogers is a professor of Economics at American International College.
"I think they would've been happier if it passed period, so I do think it will cause some hesitation," said Eileen Minkley of Holyoke.
Holyoke Mall shoppers told 22News they will still be spending the same on presents, but others might not.
"They're kind of used to having setbacks so my sense is people will be a little more careful but you can't always pay a lot of attention to what's going on in Washington," Patricia Wise told 22News.
Retailers are expected to respond to the lack of consumer confidence by offering an even earlier start to the holiday shopping season.
Starting around Thanksgiving, stores may be offering bigger sales, but Bill Landstrum said that's always the case, and that people won't think of the debt ceiling while shopping.
"I think they'll spend like normal. I don't think anybody's worried about that now,” Landstrum said.
Professor Rogers also told 22News that with the U.S. dollar worth less now, Americans may not be traveling overseas as much over the holidays.