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Hard times breed bargain hunters

US consumers have been becoming more value-conscious and buying basic goods in the face of recession, says an industrial specialist.

Federal Employees Distributing Co (FEDCO) senior vice-president Michael Gantes said the past few years had been tough in many parts of the world, particularly the US.

''We see companies down-size, layoffs abound, and business looking to do business differently,'' he told an American Chamber of Commerce lunch meeting.

His comments follow figures from the US retail sector that suggest recovery, albeit a slow one, is on its way. Major US retailers reported improved sales figures for November.

For instance, Wal-Mart, the largest US retailer, said sales were seven per cent higher than in the same month the previous year.

''There are good signs everywhere in the States - manufacturing, construction, home sales, some reduction in unemployment nationally,'' Mr Gantes said.

He was confident that ''we can talk our way out [of recession], as we often talk ourselves into recession''.

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