The Middletown Press (Middletown, CT)
Consumer confidence high for holiday 2019
Consumer confidence is expected to be high this holiday season, with the National Retail Federation predicting sales will rise between 3.8 percent and 4.2 percent over last year.
This increase is up from a 2.1 percent growth seen in the November and December 2018 period, and is above the average holiday sales growth of 3.7 percent over the previous five years.
This solid forecast reflects that the U.S. economy is continuing to grow, and that consumer spending is the primary reason for the growth, according to the NRF.
While predictions can be difficult to make, current economic data suggests this holiday season will still be stronger than last year. This increase is expected, despite uncertainty looming over international economic issues, and a slowdown brought about by interest rates and U.S. politics.
This year’s shopping period, which officials runs from Black Friday through the New Year, is the shortest since 2013. The holiday period typically generates the most sales and profit for retailers, and this year is expected to be no exception. Retailers may benefit from near record low unemployment and continued monthly job creation.
The National Retail Federation says retailers will hire between 530,000 to 590,000 seasonal workers this year, compared with 554,000 in 2018. They expect shoppers to shell out around $730 billion between November and December.
For shoppers, there’s one thing to keep in mind: your bank accounts.
Here are some ideas to keep you from piling on debt this holiday season.
Set a budget. Create a spending plan based on what you can afford. Set aside money now in a designated holiday savings account.
Shop early to avoid indulging in a lastminute rush.
Setting a budget per person is also smart. Establish your list of recipients and the amount of money you can afford to spend on each person. Remember, this does not mean charging everything to your credit card. Instead make sure you’re following your budget.
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Joseph Matthews is a Financial Advisor with the Wealth Management Division of Morgan Stanley in Fairfield. He can be reached at 2033195165 or by email at joseph.matthews @morganstanley.com. Follow Joe on Twitter @jmatthewsMS. The information contained in article is not a solicitation to purchase or sell investments. Any information presented is general in nature and not intended to provide individually tailored investment advice.