Santa's sleigh might be a little lighter this year...

No, jolly ol' St. Nick hasn't suddenly realized that he is at a massive risk of diabetes and heart disease and decided to sign up for Jenny Craig's attractive weight loss program. Although, who's to say he hasn't. It has been quite awhile since we've seen him last.

The lightness of his sleigh won't come from Santa himself, but from his bag of goodies. Something tells me Christmas won't be quite the same this year.

The economic crisis that has hit us is already starting to have significant effects on people's savings, values of their homes, their jobs and ultimately their spending practices. But here we are in mid-November. This is the time when our consumption-laden society starts to vamp up for the Christmas (holiday, to be politically correct) shopping season. This is when the wallets are supposed to open up so we can all buy those sweet, sweet goods we all know and love. I'm not quite sure that will happen this year.

The crisis is far from over and far from starting to recover. Many of the big box stores that thrive off the holiday season are preparing for the worst, as many of them have shut down numerous stores and the people who rely on them for temporary employment (students, stay-at-home parents, the elderly etc) during the season are being turned away in droves. And this crisis certainly won't be solved by people going out and spending money (circa 2001). Nobody has any.

So what will this mean for little Johnny and Sally Smith, who have been used to getting the latest iPod or XBox for the past decade of holiday seasons? Well, one can only hope the parents will be able to say no. And they better, because many will be financially forced to say no. I'm not sure how much good a new Wii will be if there's no electricity to run it after the hydro company shuts your power off for accruing bills that are far past due.

People may now be able to cherish those long-lost staples of the holiday season that are commonly gawked at: being with friends and family, non-materialistic generosity and being thankful for what we have. A little hokey, isn't it? But there's something to it.

I come from a relatively privileged household and grew up with my Christmas focus being all the great gifts I got. And rarely did my parents disappoint. This is not to say I was spoiled, but I put a higher value on materialistic gifts than on the other parts of the holiday. I didn't really realize it to its full extent until I moved away from home and was only able to see family every few months. I didn't care about the gifts or anything like that (although they still are nice to get); I was far happier to be home enjoying what I had.

I also had a terribly frustrating time during my first year of holiday shopping on my own. I figured that since I was away from home I could bring everyone cool, exotic gifts. The price tag was high (especially when I had become financially independent and much poorer than I had ever been), but I didn't care because I knew everyone would be happy with such things. I didn't quite get the reaction I was looking for, which was a little troubling. But I later realized everyone was just happy to see me and there was no materialistic value anyone can put on that.

So now I hesitate to spend ridiculous amounts on people. Not because they won't care about the gifts or be happy about them, but because they value the non-materialistic pieces more. And it is a far nicer way to enjoy the holidays.

There is a silver lining in this crisis. We've focused on consumerism and materialistic value for far too long. If people are able to shift away from this come the holidays, it could be one of the most valuable and humbling shifts we could ever take.