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The Retail Group Chairman Faith Consolo on the state of consumer spending as the holiday shopping season approaches.
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If you -- annual budget.
As we have won a slew of hot gadgets and products hitting the shelves and -- people -- too scared to -- holiday shopping just around the corner but so is the looming fiscal cliff.
And already down economy joining me now faith and so chairman of the retail group -- thank you so much for being here.
Our consumers feeling confident right now there's a lot of uncertainty we have an election out there we have the fiscal -- from -- -- still -- -- issue the economy as a whole is still an issue.
That's true all of this considered is the consumer is still ready to say are they aren't as short term basis.
If they have a job okay and they feel their own little worlds is protected.
-- -- is thinking short term -- feeling confident enough to spend on certain items it's not lavish it's not like it was even last year.
But it's on special items.
So for retailers they really consumers is so used to now to the big deal 50% off and then another 20% off.
Is that just a fact of life as we head into the busy shopping season coming up retailers organic gonna have to really always.
Well -- doubt it's all about Hawkins it's all about promotions and it's it's all about the sale -- saw -- -- just like we saw last year even the online it's about the deal making the right TO the consumer -- by.
He has to feel like he's getting upon him.
People are saving now more than they have before they've seen the value of the house for.
They're uncertain about their job problems has this really curbed the extent of this spending.
But this spending this spending but this spending only on certain items that trying to -- -- -- -- For instance.
Halloween is coming up yet so very inexpensive.
Investment.
The average sale was the 8900.
Dollars so they have -- night -- fun.
They put on a costume but that's not like investing in in new home of going out and buying a new car although -- car sales Iraq.
But very very cautiously I think the consumer bank is looking -- -- to a holiday I think we're gonna have a good holiday not a great holiday.
But a good holiday and they shop for the kids and the new trend is for your pets.
So instead of dressing themselves to address the pet -- And it's well pets of the new children but they're much less than -- that asset -- about it -- -- send them to college now now note just to -- doggie day studied AK AEA has in the barrels wolf is about yet dog book is don't you take it new -- -- People there unemployed they're in the stock market everybody will be screaming now about and that become dog walk is.
But they have to amuse themselves and and it's interesting also that wine sales are up for -- this.
Much of a coincidence given that the economic crisis -- -- -- an awful states are today drink when things are good they drink when things said that his -- -- in the wine business yes rule.
We're almost out of time but rest the one factor do you look at when it comes to consumers in this spending and it lets you know that we -- the corner in the economy's really -- to kick him.
Well we've had a lot of confidence we've had I mean the stock market.
It's a very key factor yeah we've had a lot of good except for the recent numbers days.
-- had a flood of -- market despite all the news in Europe.
Not only New -- the American consumer feels a little more insulated -- -- they feel that it.
Because they're not over in Europe -- not just housing showing signs of life that now housing tremendous compact tremendous comeback.
Almost at the all time high of 2007.
And so they feel is good.
That if they try to sell their home you can refinance now when there's money available.
I it all goes back to if they have the job -- happy.
They don't have -- not much and not so much faith but.
I'm feeling okay about a -- and I wanna said that I'm looking forward to a good holiday season but everything has to beyoncé.
That's right.
50% at least off to the retailer's -- thank you so much for being here -- appreciated thank.
