I’m Mary Walden with economist MW welcoming you to the economic perspective. Today’s program looks at the holiday spending outlook. Mike, here we are again, talking about holiday spending. Every year it seems it just kind of sneaks up on us. It appears to me that this year the economy has been more uncertain. Does this bode the same for holiday spending?
- Forecasts for holiday spending will likely be more varied this year due to greater differences on where the economy is headed
- One benefit this year – last year holiday sales were not good – so gains this year will be off a smaller base
- Working against sales this year is that the period between Thanksgiving and Christmas is the shortest it can be
- Still, sales will depend on the consumer, and consumer is still doing reasonably well
- Jobs are still rising, pay is still rising, consumer confidence is still solid
- So I think it will be a reasonably good year – sales up 4%
- But there will be a first – the first time non-store sales will take the largest share of sales
- I’m MW
And I’m Mary Walden for the Economic Perspective, an NC State Extension program from the Department of Agricultural and Resource Economics.