Professor: Consumers getting comfortable, spending more
Experts say the percentage of shoppers planning to spend more on gifts this year, and that could be enough to help keep the recovery on track.
Jon Seltzer is the professor of international marketing and distribution channels at the University of St. Thomas, and he joined FOX 9 News to discuss how critical holiday shopping is in the retail marketplace and how Minnesota compares to the nation.
Watch the video for more information.
Despite the economy household spending for holiday gifts is predicted to be 10 percent higher in the Twin Cities when compared to last year. Using 11 years of research, the University of St. Thomas marketing professors found the mood of holiday shoppers is close to pre-recession levels.
In their study, only 21 percent of shoppers said they would spend less this year. That is less than last year's 31 percent. Furthermore, this year's predicted household spending for holiday gifts is $773, which is up from last year's $703 and $680 in 2010.