Bank economists predict upbeat consumers and robust sales for holiday season
BUSINESS RECORD STAFF Nov 25, 2015 | 9:38 pm
1 min read time
204 wordsAll Latest News, Banking and Finance, Retail and BusinessEconomists for Wells Fargo & Co. and Bank of the West are predicting that retail sales will come up roses on Black Friday and through the holiday shopping season.
Merchants might miss the flush cheeks of eager shoppers, though, as many will be shopping from behind computer screens and smart devices.
A pair of Wells Fargo economists say that holiday retail sales will gain 3.4 percent over last year because employment is up and consumers are optimistic about the future of the economy.
Expect robust sales overall for online retailers, along with strong demand for home furnishings, furniture, clothing and clothing accessories. Read the Wells Fargo report, along with economic data that supports the optimistic forecast, here.
Bank of the West Chief Economist Scott Anderson predicts 4 percent growth in total holiday sales, and points out that e-commerce has grown at a 15 percent annualized rate or better over the past six years.
“Fourth-quarter retail sales got off to a slow start in October, but that doesn’t mean holiday sales are doomed to disappoint,” Anderson said in a blog post. “It could be consumers are holding back their ammunition for the big splurge.”
Read Anderson’s blog, which includes a holiday stocking full of cheery economic data, here.
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