Dallas shoppers have been spending. Will they keep it up to Christmas?
are expecting their solid years to continue through December.
“People were spending and looking for deals. One store told me it was the best Black Friday in 14 years,” said Randy Barrett, general manager at Stonebriar, which recorded mall traffic up 9% from a year ago on Black Friday.Last year’s holiday season is one to beat. The economy was opening up, wages were up and stimulus checks were still banked. Retail sales excluding autos, gas and restaurants increased a whopping 13.5% during the 2021 holiday over 2020.
Chicken prices are starting to fall at the grocery store and have flattened for restaurants the past three months along with beef and avocados, said Ray Washburne of Dallas-based M Crowd Restaurant Group, but the chain’s labor costs and rent are still rising.to nearly pre-pandemic levels. The job market is holding up. The U.S. economy created 261,000 jobs in October and the unemployment rate rose slightly to 3.7% as talk of a looming recession next year is the constant drumbeat on Wall Street.
Higher-income household spending has continued to be robust, Shay said, and spending by lower-income households so far has been “durable and resilient.” “Our stores that sell jewelry, watches, handbags and shoes are reporting double-digit percent sales increases from a year ago through October,” said Victoria Snee, chief marketing officer at HPVillage.
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