Survey Predicts A Very Spendy Holiday Season
MINNEAPOLIS (WCCO) — A late Thanksgiving means the shortest possible holiday shopping season, but a local survey shows Minnesotans will spend more.
The University of St. Thomas just released a survey that says people will spend more than they have in the past 12 years.
The two places expected to draw the most shoppers this holiday season are the Mall of America and Rosedale Mall, which benefits from being the most centrally-located shopping center in the Twin Cities.
Mall of America wins owing to the sheer number of different stores it offers.
According to the study, the average household will spend about $837 this holiday season, which is more than the national average and up 8-percent from last year. It’s also up more than 30 percent from 2009, which was at the height of the recession.
The study’s author says the overall increase reflects a growing sense of optimism amongst consumers in many areas of life.
“When you start looking at things in terms of construction and housing and apartments, and you look at some retail developments now, we’re really going to be seeing some things that are going to improve in the economy, not just this year but going forward,” St. Thomas professor David Brennan said.
Internet sales also continue to grow, with shoppers planning to spend nearly 35 percent of their budget online.
As for what people will be buying, gift cards are still number one, followed by clothing, cash, books and toys.