derekwong28 - 5:48 am on Dec 3, 2008 (gmt 0)

If spending is up but the merchants' profits are down because of steep discounts, then it is going to be a Pyrrhic victory.

In Iceland where the economy has basically collapsed, you can see people splashing out on big purchases because they fear that they will not be able to afford it in furture because of their collapsing currency.