Expectations High For Post-Recession Christmas Shopping Season
SANTA ANA (CBSLA.com) — One leading Orange County economist is predicting this Christmas shopping season could mark the best since the end of the recession.
KNX 1070's Mike Landa reports several economic factors - including higher home prices, a strong stock market and lower gas prices - could signal rising consumer confidence.
As part of the Black Friday tradition, several retailers will be opening stores early on Thanksgiving to give shoppers a chance at rock-bottom prices. Kmart stores, for instance, will be open 42 hours straight from Thanksgiving to midnight on Black Friday.
Economists are projecting consumers will spend roughly $616 billion during the holiday season through the remainder of November and December.
Here in the Southland, Chapman University economist Dr. Esmael Adibbi expects holiday spending will jump about 5.5 percent higher than last year.
"The recession started in 2007..and it was horrible," said Adibbi. "But this year, when you look at all the indicators, they're all better than they were last year, that's why I'm very, very optimistic about this season."
Lower gas prices, for example, are like a tax cut that can be used for purchases, according to Adibbi.
Over 25 million Americans say they will or may shop on Thanksgiving this year, according to Forbes.