Holiday shopping to see growth for third consecutive year
POSTED: Thursday, November 28, 2013 - 8:19pm
UPDATED: Thursday, November 28, 2013 - 9:19pm
EL PASO, Texas — The holiday shopping season has begun with what is now being called "Grey Thursday" with several large retailers opening Thanksgiving Day.
New Mexico State University Marketing Professor Bruce Huhmann said for the third consecutive year holiday sales will continue to grow and people will be spending.
"We're probably seeing about $730 to $740 per person," Huhmann said of the amount shoppers will be spending.
Huhmann said there will be a two percent increase nationally and shoppers will be looking at buying big ticket items.
"Consumers seem to be shifting their spending to more durable goods that they've put off for a number of years because they're feeling a little bit more confident," he said.
Large retailers are expected to have good deals in hopes of attracting customers in a shorter holiday shopping season with only four weekends
"If there's fewer shopping days we do see a decrease in holiday spending," Huhmann said.
While Huhmann expects the extra day to be busy, he doesn't think it will have a great impact on increasing the number of shoppers who have already planned when to shop.
"It might shift sales from one retailer to another," Huhmann said.
He like many others will be keeping an eye on how well the season does and what could be a sign of good things to come in 2014.
"The holiday sales are such a good window to what's going to happen in the coming year in the economy and for retailers," Huhmann said.