One of the ways to look at a recession is when people stop buying inexpensive gifts. Almost no one can afford the expensive stuff, the stuff that costs a few hundreds dollars, not to mention a few thousand. So shoppers retreat to gifts that won't hit them too hard in the pocket book. It says a lot when even those items don't sell. That is happening at Electronic Arts (NASDAQ: ERTS)

According to The Wall Street Journal, "The Redwood City, Calif., company, the publisher of Madden football and other popular game software, said it expects financial results for the fiscal year ending March 31 to be below the forecast EA issued on Oct. 31." It happened that fast. In less than six weeks EA pulled back on numbers it thought were firm.

A little visit to the EA website is instructive. Most of the games being promoted cost under $50. There is one called The Sims 3 Collectors Edition, which was $70. After all, it is a collector's edition. If EA was selling anything at a price above that, it was well hidden.

When consumers hold back on buying items under $100 it almost certainly means that the number of people who think they are in real financial trouble, or think they will be, is growing at an alarming rate.

The kids aren't going to get that stocking stuffer this year.

Douglas A. McIntyre is an editor at 247wallst.com.