Black Friday; Cyber Monday. Open early; open late. Sale of the season; lowest prices.
With the traditional start to the holiday shopping at hand, retailers across Colorado have rolled out a head-spinning array of promotions and sales in a quest for a good performance despite lingering jitters over the economy, the war on terrorism and declining housing prices.
“People are optimistic but slightly less than last year,” said Chris Howes, president of the Colorado Retail Council trade group.
A moderate rise in holiday spending, weaker than in the past few years, is expected, the Consumer Federation of America and the Credit Union National Association said Tuesday in their annual survey.
When respondents were asked whether they intended to spend more or less this season, 32 percent said less, compared with 30 percent in the 2005 survey. Eighteen percent said much less, up from 13 percent.
By contrast, 15 percent said they would spend more this year, close to last year’s 14 percent, while 52 percent said they would spend about the same, little changed from 51 percent.
The holiday spending survey polled about 1,000 adults from Nov. 9-12. Its margin of error was plus or minus 3 percentage points.
Separately, the National Retail Federation has forecast a 5 percent increase in holiday sales nationwide, which would put the season’s dollar total at about $457.4 billion. That compares with 2005 holiday sales of $435.6 billion, up 6.1 percent from the previous year.
The typical consumer is expected to spend about $790 on everything from food and gifts to decorations, up slightly from $738.11 spent per consumer in 2005, the federation said.
In Colorado, retailers have forecast a sales increase of 5 percent to 6 percent, which Howes described as positive yet modest.
“Generally, we check pretty well with the rest of the nation,” he said. “If anything, we lag behind when things go bad.”
Holiday spending tip
Make a list…and a budget: Decide how much you can afford and stay within that budget. Include gifts and other holiday items you plan to buy, such as food, decorations and postage.
Look around: You can save at least 10 percent on most items by comparing stores, using the Yellow Pages to identify sellers and then calling several, or by using the Internet.
Be safe online: Buy from secure sites (with a locked padlock icon on the toolbar) and review e-mailed statements.
Pay off debts quickly: And pay in cash if possible. When using credit cards, use a lower-interest card and pay it off as soon as possible. Don’t borrow more than you can repay in several months.
Open a Christmas club account for next year: They pay little, if any, interest but are a practical way to save small amounts over time.
Read the fine print: If you give or receive a gift card, there may be fees.
Pay attention to return policies: Some stores are tightening their policies. Keep receipts and note time limits that may affect the recipient of your gift.
Sources: Consumer Federation of America,
Credit Union National Association
