Holiday spending expected to increase this year - FOX5 Vegas - KVVU

Holiday spending expected to increase this year

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Consumer spending is proving to be better than originally expected.

The Retail Association of Nevada expects many retailers in the state will experience a nearly 4 percent increase this year compared to last year.

The National Retail Federation is also revising its national holiday expectations. A newly released second holiday spending forecast sees an increase of 3.8 percent nationwide. That's a full percentage point higher than what was initially predicted back in October.

The strong spending results for the Black Friday weekend is one reason economic forecasters are optimistic. In 2010, consumers spent an average of $365.34 nationally over the Black Friday weekend, which generally represents the first full weekend of holiday shopping.

This year, spending per consumer increased to $398.62, which is 9.1 percent higher than last year. The last week before Christmas typically sees a surge in holiday shopping. Experts hope spending trends will mirror those reported on Black Friday.

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