Spending on Christmas 'bling' is up
Consumers are expected to spend $6 billion on Christmas decorations this holiday season. No where illustrates this better than Rockefeller Center, where tree trimmers last week lit up the holiday season.
In a tight economy, consumers still plan to spend almost $6 billion on holiday decorations this year -- the most in seven years, the National Retail Federation said today.
The industry group, which started tracking the data in 2005, predicts spending on Christmas trees, lights and candles to increase about 8 percent from $5.54 billion last year, and spending on food and candy should also hit record levels.
It’s good news for home goods stores, which usually see a drop in sales this time of year. According to Bloomberg, The Home Depot is increasing orders for Christmas tree bling -- tree stands, ornaments, string of lights -- to help offset a slugging demand for pricier things like appliances.
But there’s a downside. The consumer splurge doesn’t beat the Christmas scrooge: spending on family and friends is expected to be slightly down from last year, from $485 to $471.
The National Retail Foundation's data on spending on spending is here.