Dallas Business Journal
A new survey by Deloitte & Touche LLP says Texans are optimistic enough to keep their holiday spending habits either in line with last year or in many cases higher. The survey is good news for Texas-based retailers which include J.C. Penney Co. Michaels Pier 1 Imports and Neiman Marcus Inc. In its
24th-annual holiday survey Deloitte said 55 percent of Texas shoppers will spend more or the same this holiday season compared with only 43 percent who were as optimistic last year.
About half of Texans expect the economy to improve by 2010 and most Texans who plan on spending this holiday season expect their overall spending to reach $1380 per shoppe or 21 percent higher than their average spending last year.
Several retail categories that are not tied to holiday spending also are experiencing more activity according to Deloitte. Those categories include home-holiday furnishings socializing outside the home entertainment at home and non-gift clothing purchases.
Even with Texans spending money on gifts dont expect them to buy too much. The average number of gifts individual Texans plan to give has dropped to 19.9 gifts down from 24.9 last year.
Texans appear poised to remove at least temporarily the padlocks from their wallets and embrace the spirit of holiday spending this year" said Sherrie McAvoy partner Deloitte & Touche LLP in a press release.
Consumers throughout the state feel more confident in the economy overall and with economic indicators easing from their worst levels over the past few months we expect to see some pent-up demand manifesting itself in the form of more spending in stores this season" the release said.
On the other hand the 45 of Texans who said they would spend less this year indicated that they continue to be plagued with concerns over possibe job losses or salary cuts.
Other findings from the survey:
- 69 percent plan to shop differently
- 75 percent will look more for sale items
- 54 percent will look for lower priced items
- 52 percent will use more store coupons
What gifts are popular for surveyed shoppers?
- gift cards
- technology: video games automotive electronics
