Holiday Shopping and The Economy

A good way to tell how we are feeling about the economy is by seeing how much we are spending this holiday season. According to many sources retail holiday sales jumped 4.9% this year. That’s the biggest increase since 2011.  Private Wealth Advisor Derrick Kinney spoke to his clients who make over 100 thousand dollars a year about their own purchases. “Many of them told me they are budgeting $1,000 more this year than last year on holiday gifts and entertaining.”  

Shoppers seem to be in the mood to spend as unemployment is at a 17-year low and consumer sentiment has reached its highest level since 2000.

“Purchases are being made at a pace not seen since the Great Recession,” says Craig Johnson, president of retail consulting group Customer Growth Partners.

Does this correlate with what we think about the economy?  Kinney comments , “Confidence may be the highest it has been in the last six years,” and that most of his clients told him they are hopeful about what 2018 may bring.  One study tells us 63 percent of small business owners say they have a “positive outlook” and 57 percent predict an increase in revenue next year. 

No matter what happens, 2018 will be an interesting year for us all.

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