A recent survey of people in the Metropolitan Philadelphia Region, which includes southeastern Pennsylvania, southern New Jersey and northern Delaware shows that people feel the economy is slowly recovering and 48% plan to spend a little more this year at Christmas. People are cautiously optimistic but still have underlying concerns about their jobs and financial security.
Most likely holiday sales will be flat. The good news is, things are not expected to continue declining and a few stores like WalMart and Kohl’s posted good third quarter profits.
About 50% of the people surveyed said they feel the economy will improve in 2010, which is up from 27% who felt the economy would improve this year.
Spending on non-gift items is expected to increase as people take advantage of holiday sales to update their wardrobe, for example, after putting their personal spending on hold. Personally I fall into this category. I will probably spend the normal amount on Christmas this year or less if I can take advantage of good sales.