Wells Fargo Predicts Rise in Spending Heading into Black Friday
November 20 2015 - 9:00AM
Business Wire
Bank economists predict 3.4 percent holiday
sales growth this season
Wells Fargo Securities, part of Wells Fargo & Company
(NYSE: WFC), published its annual Holiday Sales Outlook,
forecasting a positive outlook for retailers this holiday season.
Wells Fargo economists predict a 3.4 percent increase in holiday
sales this year, and expect the average holiday shopper to spend
more money this season.
“Economic conditions and consumer confidence continue to improve
as we head into the holiday shopping season,” said economist
Michael Brown who co-authored the report with senior economist
Eugenio Aleman, both part of Wells Fargo Securities Economics. “The
National Retail Federation’s holiday spending survey found that the
average holiday shopper is expected to spend 0.4 percent more per
person than they did last year.”
Aleman added, “In addition to holiday spending, we expect
overall retail sales to rise 2.6 percent in the fourth quarter,
compared to the same period last year. We anticipate a happy
holiday season for retailers and consumers alike.”
As part of holiday sales, Wells Fargo economists are seeing the
most sales strength in furniture and home furnishings, clothing and
clothing accessories, and non-store retailers, which includes
online retailers. Some of the weaker sectors compared to last year
includes automobiles, electronics and appliance stores.
To read Wells Fargo’s full 2015 Holiday Sales Outlook, please
visit
https://www08.wellsfargomedia.com/assets/pdf/commercial/insights/economics/special-reports/holiday-sales-outlook-20151116.pdf.
For more information about the Wells Fargo Securities’ Economics
team, visit www.wellsfargo.com/economics.
About Wells Fargo Securities
Wells Fargo Securities delivers a comprehensive set of capital
markets and advisory products and services, including debt and
equity origination and distribution, investment research and
economic insights, interest rate, commodity and equity risk
management, structured lending facilities, securitization, prime
brokerage, clearing and fund services.
Wells Fargo Securities is comprised of nearly 4,800 team members
in 40+ offices across North America, Europe and Asia.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide,
diversified, community-based financial services company with $1.8
trillion in assets. Founded in 1852 and headquartered in San
Francisco, Wells Fargo provides banking, insurance, investments,
mortgage, and consumer and commercial finance through 8,700
locations, 12,800 ATMs, the internet (wellsfargo.com) and mobile
banking, and has offices in 36 countries to support customers who
conduct business in the global economy. With approximately 265,000
team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company was ranked No. 30 on
Fortune’s 2015 rankings of America’s largest corporations. Wells
Fargo’s vision is to satisfy our customers’ financial needs and
help them succeed financially. Wells Fargo perspectives are also
available at Wells Fargo Blogs and Wells Fargo Stories.
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Wells Fargo & CompanyShelley Beason,
704-715-2471shelley.beason@wellsfargo.com@shelleybeasonWF
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