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‘Tis the season for holiday shopping, and it appears that consumers are likely to have an advantage over retailers this year. That’s because price competition between retailers is very strong, and consumer demand has weakened due to tougher economic conditions. There simply is less money to go around.

But when money is spent, the high-tech sector will likely be the winner, with strong brands like Apple (the new iPod Nano, the new iPhone, MacBook Air and Mac Mini), Nintendo Wii and Activision (Guitar, Band and DJ Hero) leading the sales.

Large retailers have their Black Friday and Cyber Monday items available online. Margin-wise, profits are likely to be reduced due to increased online price comparison.

Consumers are increasingly shopping online in the comfort of their homes, and the availability of the Black Friday/Cyber Monday promotions online will reduce the amount spent per shopper for two reasons. First, online shopping allows for a quick comparison between the deals offered by different retailers. Secondly, online shopping allows for more rational decision making, compared with in-store temptations.

But shoppers who prefer the bricks-and-mortar shopping experience are likely to spend the same as they did in 2008, also for two reasons. First, making the commitment to go to a store will result in a purchase. Second, social comparison effects are strong – those who observe other shoppers buying a lot will likely do the same.

I anticipate that retailers will turn increasingly to low-ball strategies to get shoppers into their stores at this time of year. They will advertise a few items at great prices, but these items will only be available while supplies last. The majority of the shoppers will find that although the desired item has been sold out, there is a better, more expensive option available. Most people will buy this higher-priced option, because they were already committed to making a purchase.

Some individuals are more likely than others to pay attention to promotions. Value-prone and price-conscious shoppers will respond better to limited-time offers than others and will buy more.

Some tips for retailers:

1. Some consumers thrive in the bricks-and-mortar retail environment, and others stay away from crowds. Having most items available online is a good idea, because the second group will eventually shop. Note: Online items are more likely to be exposed to tougher price competition, because online price comparison is easy.

2. It is a must to draw consumers into stores with hot deals available exclusively in stores. Shoppers will spend more.

3. Market gift cards weeks ahead of time. People are likely to spend well in excess of the value of the gift card.

Laura Smarandescu is an assistant professor of marketing in the College of Business at Iowa State University.