Shoppers Ramp Up Holiday Spending In October Despite Election Uncertainties
Consumers shook off their pre-election worries and ramped up spending on home improvement projects, sporting goods and discount clothing this fall—a positive sign for the anticipated Black Friday frenzy.
With the election over, retailers are taking advantage of freed-up airwaves to increase advertising ahead of Christmas. T.J. Maxx owner TJX, The Home Depot and Dick’s Sporting Goods all reported strong sales growth in the fiscal quarter ending Oct. 31—each posting same-store sale gains of at least 5%. The chains’ strong earnings were reported the same day the Commerce Department announced strong national retail sales in the month of October—its best two-month performance in two years.
The National Retail Federation projects Americans will spend 3.6% more this holiday season compared to last, and total holiday sales are expected to reach $885B this year, according to an eMarketer forecast—10.7% of which are expected to take place online. [WSJ]