As several specialty retailers posted mixed same-store sales Wednesday, a Deloitte & Touche USA LLP consumer survey painted a bright picture for the holiday shopping season.
The survey also revealed that consumers feel the softening of the housing market will not adversely impact their holiday spending.
An early read of October comps offered a different outlook. Zumiez was a clear winner, posting a 15.9 percent gain in comps, while American Eagle saw an 8 percent increase. But Hot Topic and Citi Trends released disappointing comps of negative 7.2 percent and 4 percent, respectively. Retailers report same-store sales today, and analysts expect solid results. In regard to holiday sales, the expectation is that results will be stronger later on in the season.
In the Deloitte & Touche survey, 82 percent of those polled “say they feel secure about their jobs, and two-thirds (68 percent) expect the economy to improve or stay the same next year, compared with less than half (48 percent) in 2005.”
The survey also found that, “surprisingly, 92 percent say a recent change in the market value of their home will have no impact on holiday spending.”
“Consumers have withstood challenges this year from energy costs, slow growth in jobs and softness in the housing market, and they continue to be bullish about the economy and their own financial well-being,” said Pat Conroy, vice chairman and national managing principal of Deloitte’s Consumer Business practice, in a statement. “Overall spending is expected to be up for many key categories, supporting our forecast of 7 percent growth in sales this holiday season.”