Target's CEO Gregg Steinhafel said that sluggish consumer spending an ailing economy may weaken holiday purchases, Reuters reported.
"It's like a game of whack-a-mole," Steinhafel said.
Still, Target is more hopeful than rival Wal-Mart Stores (WMT). Bill Simon, Wal-Mart's CEO for the United States, said adults could expect to receive basic gifts only this year.
"I don't believe it is going to be a socks and underwear Christmas," Steinhafel said.