Study Says Holiday Spending Expected to Increase
Holiday shoppers are ready to spend.
This year the average Minnesota household is expected to spend $773 on gifts; that's according to the University of St. Thomas annual survey. That's up from $703 last year, nearly a 10 percent increase, and a return to pre-recession levels.
Though with increased spending, that means fewer sales according to the researchers.
"You're going to find much more small sales, limited duration, specific items where retailers are really going to be fine-tuning their inventory levels," said Jon Seltzer, a professor at St. Thomas.
The survey also found the three most popular malls in the area are Mall of America, Rosedale, and Southdale. However, overall mall shopping has been decreasing with the rise of Internet sales, which this year will account for 30% of holiday shopping.