Wells Fargo Securities, part of Wells Fargo & Co., has published its annual “Holiday Sales Outlook” report and this year”™s is positive.
Wells Fargo economists predict an increase of 3.9 percent in holiday sales nationally compared with last year.
There are 74 Wells Fargo stores and 100 ATMs throughout Connecticut, with 35 stores and 46 ATM locations in Fairfield County.
The bank cites a combination of factors leading to the uptick, including continued employment growth, lower gas prices and an increase in consumer confidence.
“Despite a historically short holiday shopping season of only 27 days this year, economic conditions have continued to improve and should provide a better footing for U.S. consumers this holiday season,” said Wells Fargo economist Michael Brown, who co-authored the report with the bank”™s senior economist, Eugenio Aleman, both part of Wells Fargo Securities.
Aleman said, “The unemployment rate has dropped significantly from this time last year and consumers are feeling optimistic about the economy. We anticipate a happy holiday season for retailers and consumers alike.”
The outlook anticipates strongest growth in sectors that include nonretail and e-commerce shopping, health and personal care, and food and drink.
In addition to holiday spending, Wells Fargo economists predict a 4.1 percent increase year over year in overall spending for the fourth quarter.
