Gadgets still a centerpiece of holiday shopping

"Circuit City right now is in a capital-constrained situation and really fighting for their life," Horvers said. "You're likely to see them be more aggressive this year to try to drive traffic."

NO NEW "MUST-HAVES"

So far, no new "must-have" gadget has appeared, unlike previous years when devices like Sony Corp's PlayStation 3, Nintendo's Wii, or Sirius satellite radios and myriad digital cameras were launched shortly before the season to woo shoppers.

Mukul Krishna, global director of digital media for Frost & Sullivan, is betting that advanced high-definition TVs, video game software and smartphones will be consumers' top picks in electronics.

But he agreed that consumers who have scaled back their lifestyles "are going to be looking for some aggressive discounting and couponing by the major electronics leaders," potentially pressuring profit margins of major manufacturers.

Any shopping, even on Black Friday immediately after U.S. Thanksgiving, may be bittersweet as fallout from the global financial crisis hobbles the U.S. economy.

NPD Group found 26 percent of its survey participants planned to spend less this year, versus 18 percent last year.

Consumer electronics sales are expected to rise 3.5 percent in the fourth quarter, down from 7 percent a year ago, according to an industry study.

But even as shoppers sweat over the shrinking value of their retirement accounts, they may snap up deals for devices they have been eyeing all year.

Some of the most desired items are also pretty pricey. At, say, $750, a semi-professional digital camera, portable computer or flat panel TV costs as much as rent for some, or two car payments for others.