NEW YORK >> A retail trade group estimates that people who shopped both online and in stores from Thanksgiving to Cyber Monday spent more than those who stuck to one or the other.
The National Retail Federation estimated Tuesday that more than 174 million Americans shopped in stores and online during those five days, higher than its previous 164 million forecast. The group finds those who shopped online and in stores spent or were planning to spend $82 more on average than online-only shoppers, and $49 more on average than store-only shoppers.
Meanwhile, Adobe Analytics says Cyber Monday was the biggest U.S. online shopping day ever, with a record $6.59 billion spent, up 17 percent from last year.
The NRF said the average expected spending per person was $335.47. The group didn’t offer a comparable number from last year because it changed its methodology, but said it was in line with expectations. About 75 percent of the spending went specifically toward gifts, and the biggest spenders were people age 25 to 34, who spent $419.52 on average. The group surveyed more than 3,200 people Saturday and Sunday about their spending so far and their plans.
Consumer confidence hits high
WASHINGTON >> American consumers are feeling confident as the holiday season approaches.
The Conference Board said Tuesday that its consumer confidence index hit 129.5 this month, up from 126.2 in October and highest since November 2000.
The business research group’s index measures consumers’ assessment of current conditions and their outlook for the next six months. Both improved this month. More than 37 percent of respondents said jobs were “plentiful,” the highest share since June 2001.
Economists monitor the report because consumer spending accounts for about 70 percent of U.S. economic output.
The overall index hit bottom at 25.3 in February 2009 at the depths of the Great Recession before rebounding as the U.S. economy recovered.
ON THE MOVE
Starn O’Toole Marcus & Fisher law firm has hired the following employees:
>> Nainoa J. Watson is a new transactional associate for the firm. Watson will focus his practice on commercial transactions and real estate.
>> Sianha M. Gualano is the firm’s new litigation associate. Gualano will focus her practice on the areas of commercial litigation and real estate.
>> Goodsill Anderson Quinn & Stifel has announced that Elizabeth L. Sweeney is a new associate in the firm’s real estate practice group. Sweeney served as an extern for the Legal Department of Hawaiian Electric Co. as well as for Richard R. Clifton of the U.S. Court of Appeals for the 9th Circuit, while she attended UCLA School of Law.
