Wine

Why it's important: Wine sales, especially to collectors, may suffer as even wealthy oenophiles cut back on their discretionary purchases.

Outlook: Sales haven't slipped much at all at Morrell & Co., the New York wine shop founded in 1941 and now located in Rockefeller Plaza, says Chairman Peter Morrell. But he's waiting with trepidation. "I'm hearing from my salespeople that some of their key customers are telegraphing the fact that they won't be as active as they used to be," he says. Morrell's bottles range in price from $10 to more than $1,000, and he says he's expecting fewer holiday sales at the high end. "Certainly we are emphasizing value wines for the holiday gift-giving season. We are taking smaller positions in the most expensive wine gifts and Champagne gifts," he says.