Mall Group Predicts Holiday Spending Up 3 Percent
This sounds like encouraging news for retail and the rest of the economy. I'm especially glad to hear that this predicted increased spending is actually "strictly retail" as in it does NOT include everyday retail such as groceries, gas or dining out.
I would certainly love to see good economic predictions become a reality this year, how about you? Do you feel this is true-that people will be spending MORE this holiday season?
The Council of Shopping Centers released a statement yesterday that they predict holiday spending to increase 3 percent over last year. This trade group which represents shopping malls said Friday that 'November-December spending should top $250 billion, the highest since the 2007' peak. This prediction does not include sales at grocery stores, restaurants or gas stations but sales should certainly improve with these businesses also.
A 3% increase in spending will be major news for the remaining retailers because after all the store closings of the past 2 years they should each grab a larger portion. If the 3% increase materializes some stores could see 5 to 7% year over year growth. This is how economic recoveries begin.
Terry Edwards New & Existing Home Sales
tedwards@sc.rr.com 803 920 5327
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