3 On Your Side: Holiday Spending Expected To Increase 4.1%
By Jim Donovan
PHILADELPHIA (CBS) -- Do you plan on spending more around the holidays this year? Early estimates from retailers forecast the biggest increase in holiday sales since 2011. 3 On Your Side Consumer Reporter Jim Donovan takes a look at the economy and what it means for holiday bargains.
Better economic signs mean retailers have high hopes for the holiday season. Kathy Grannis with the National Retail Federation says, "Overall, consumers are feeling a little bit better and that could very well translate into dollars for retailers."
With about 11 weeks to go until Christmas, the National Retail Federation forecasts a 4.1 percent increase in holiday sales over last year, to just under $617 billion dollars.
The nation's unemployment rate is at its lowest since 2008 and this year lacks economic unknowns of previous years. The 2012 holiday shopping season was clouded by Congress' fight over the fiscal cliff. In 2013, October's 16-day government shutdown left lingering effects. Vanessa Perry is with George Washington University School of Business. She says, "It's clear that consumers want to be cautious. It's clear for the past few years, with what we've seen with the economy, people sort of rethink the role of holiday spending."
So what can shoppers expect? According to Grannis, "Everything from web promotions, to in-store promotions and, of course, even mobile promotions, will be big." In addition, there's expected to be an eight to eleven percent increase in online sales, as consumers further expand shopping beyond the mall.
For more information, visit: National Retail Federation: https://nrf.com/media/press-releases/optimism-shines-national-retail-federation-forecasts-holiday-sales-increase-41