Created: 11/28/2008 5:17:09 AM 
Washington, DC -- They call it Black Friday. Every year, people across the country wake up early the day after Thanksgiving for a round of good old-fashioned all-American shopping.
At least, that's what's supposed to happen. With the tough economy, will the tradition hold?
Businesses are opening early, closing late, and offering deep discounts to make sure their stores are fully stocked with shoppers.
But recession fears and mounting job losses have forced consumers to keep a tight grip on their wallets.
Nearly 128 million Americans say they'll hit stores this holiday weekend, but that's still down from last year. The shopping frenzy is expected to test the strength of an already bruised retail market.
Eighty-nine percent of shoppers plan to spend the same - or less - than they did last year. Only 7% plan to spend more.
Even with the odds stacked against them retailers are optimistic the big discounts will lure customers in.
Some experts predict this could be the worst sales season since the early 1990's. But with holiday shopping making up nearly 40% of annual sales. Retailers have no choice but to go all out and keep their fingers crossed.
CBS News
