(WHTM) — The holiday shopping season is now starting, but with many Americans worried about a recession come January, this could be a grim one.

The good news is that the sales have already started, and shoppers can expect the biggest markdowns in years. That is because stores are overstocked, unlike last year when shelves were still bare from pandemic shortages.

But CNBC says while big bargains will dominate the holiday season, shoppers may not be sold. It said that is because soaring gas, grocery, and rent prices have many consumers holding off on big spending.

That is unlike the past two holidays when bank accounts were flush with stimulus checks and consumers were snapping up new laptops, TVs, and furniture.

From the doesn’t that stink file: big markdowns when you are just not in the mood for them.

CNBC said to look for some of the biggest discounts on computers and electronics, but most of us stocked up on those during the pandemic lockdown and do not need a new laptop now.

Bloomberg says consumer fear could wreak havoc on holiday shopping this year, with one in five shoppers planning to spend less.

Even during bad recessions, like the winter of 2008, American consumers still spend during the holidays, just not as much as stores are hoping.