Bright Outlooks For Holiday Spending

Forbes asked consumers about their holiday spending and their preliminary plans for this spending season and found some interesting winners for the season. Prosper Spending Score reported the overall outlook for holiday gifts in 2014 increased by more than eight percent from last year.

While the amount of consumers planning to spend more on gifts remained stable at 9.1 percent, consumers budgeting less for gifts dropped 11 percent from 2013. Upper income households are the primary drivers of this year’s positive spending outlook. Consumers earning $75,000 or more per year maintain a Spending Score that is 13.2 percent higher than the overall average.

How do these numbers relate to retailers? The potential winners of this holiday season include Gap, Amazon, Costco and Macy’s. This is based on an index that includes shopper examination, spending scores and holiday gift budgets. JC Penny and Kohl’s have slightly lower outlooks for the holiday season.

While consumer spending may be more confident this year, there are many uncertainties regarding the economy, employment and personal finances that can drastically change consumer’s spending outlook. Retailers will have to wait and see how consumers will spend between now and November or December. One thing is certain; retailers will once again have a very competitive environment during the holiday season. Retailers must be able to effectively reach consumers, communicate and resonate with these shoppers to win the holiday race!

 

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Nick Banks

Nick created Front Street Commercial Real Estate Group in 2002 and spent the first eight years developing and acquiring office and retail projects in South Florida as well as North Central Florida. In 2010 the focus of the firm was shifted to primarily serve third party clients and perform brokerage, property management and mortgage banking functions. Nick has personally developed and acquired nearly 200,000 square feet of office and retail properties in markets throughout Florida. Prior to founding Front Street, Nick was the Director of Finance and Dispositions for Stiles Corporation in Fort Lauderdale where he financed and sold over $500 million in commercial real estate. Before joining Stiles, Nick was an Associate Director at GE Capital Real Estate where he sourced over $200 million in financing throughout Florida. Nick is a graduate of the University of Florida with a degree in Finance and a concentration in Real Estate. He serves as a board member and current vice-chair for the United Way of North Central Florida where he also chairs the Development Committee. Nick is actively involved with the Gainesville Area Chamber of Commerce where he serves as a board member and committee member for the Council for Economic Outreach. He is also a recent graduate of Leadership Gainesville which is a year long leadership program hosted by the Chamber. He is a member of Grace United Methodist Church where he has served as finance chair and as a member of the leadership council. Nick serves as an advisory board member of the University of Florida Bergstrom Center for Real Estate Studies. Nick was recently named chair of the Gainesville committee for the North Florida chapter of Urban Land Institute (ULI). He is a licensed real estate broker in the State of Florida and is a long time member of the International Council of Shopping Centers.

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