New York ? That $3.20 latte at Starbucks or the $300 handbag at Coach may no longer be affordable luxuries. Feeling squeezed by gas prices and weak credit, the nation’s shoppers are increasingly trading down to lower-price stores or cheaper items.

Such changes – which emerged this summer and surfaced in the latest financial results for retailers – could alter dynamics of the holiday shopping season as it officially kicks off on Friday. For some shoppers, it could be as drastic as buying all their clothes at discounters instead of department stores. For others, it could be as subtle as buying a wallet instead of a handbag or one latte per week at a fancy coffee shop and deli coffee on the other days.

The trend could benefit discounters, warehouse clubs and drug stores while hurting department stores and mall-based apparel chains. Even Starbucks Inc. reported its first decline in traffic on record at its U.S. stores.

“People are so cash- and credit-concerned,” said retail consultant Burt Flickinger III, noting that he hasn’t seen “the trading down” phenomenon since the 1987 stock market crash resulted in massive job losses and the housing slump in the early 1990s.

The trend is starting to play in the hands of Wal-Mart Stores Inc. Last week, the discounter recorded an 8 percent profit increase.

With all the noise, shoppers still may be resigned to keep to their holiday budgets, which surveys show are not much different from a year ago. Those same surveys, however, show that shoppers plan to spend less per gift. According to a survey conducted by Deloitte & Touche USA LLP, consumers plan to spend $569 on 23 gifts compared with last year’s $584 on 22 gifts.