News

Wilkes professor forecasts holiday retail sales

Written by Matt Paul, Reporter/Producer | Nov 29, 2013 3:52 AM
Thumbnail image for ChristmasGifts.jpg

(Harrisburg) -- A shortened holiday shopping season is officially underway and a Wilkes University professor is forecasting a modest increase in holiday retail spending.

Business and Economics Professor Anthony Liuzzo says pent up demand is at odds with falling consumer confidence this holiday season.

He notes another key factor in his retail forecast is the fact that Thanksgiving came late this year.

"Last year there were 32 shopping days between Thanksgiving and Christmas," Liuzzo says. "This year it's a paltry 26 because of the timing of the Thanksgiving holiday."

Liuzzo is predicting a 3.2 percent increase in holiday retail sales.

"It's going to be an okay holiday season for retailers, but not necessarily a very, very good one," he adds.

Liuzzo says Thanksgiving weekend may be well-hyped, but it accounts for less than 10 percent of holiday sales.

The weekend before Christmas represents 30 percent of holiday receipts.

On average, each consumer is expected to spend about one-thousand dollars on holiday gifts for family, friends and others.

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