Dipping into that home equity line of credit to fund holiday gift purchases just doesn’t seem like such a good idea this year. As consumer spending dips, deals to entice purchasing should rise, right? Where there is fear there is opportunity. Tapping into recession fears, Yahoo Shopping just launched a new site in beta called Yahoo Deals that lists daily deals in different categories (computers, home & garden, clothing). It also offers online coupons, notices of storewide sales, and a place to browse through digital circulars.

The daily deals are syndicated from sites like Amazon, DealNews, and Woot! The coupons are from retailers such as Home Depot, Land’s End, Dick’s Sporting Goods, and Sony Style. The storewide sales include deals at iTunes, Gamestop, Guess, and Sephora. (These are powered by iStorez, read our review). Digital coupon clippers can even save their coupons if they are signed in with a Yahoo account.

I can see a lot of people hunting for deals here this shopping season. You can browse by category, and rank deals by popularity or expiration. The one thing missing, though, is a search box to search for deals on specific items. I know this came out of Yahoo Shopping, but come on. That’s a bum deal.