More Consumers Buying Luxuries This Holiday

Some 53 percent of consumers intend to buy at least one luxury item this holiday, up from 41 percent last year, according to Booz & Co.’s Holiday Retail Outlook 2012.

One possible reason for this: 51 percent of consumers report that “economic survival” is a reason to celebrate this year.

Still, the survey noted that consumers plan to carefully shop around, with 52 percent of consumers saying they will consider “affordability” in their shopping decisions.

It also noted that many consumers now see Black Friday as “irrelevant,” with most looking for sales even earlier.  

The complete survey can be seen here.

Meanwhile, a survey of retail chief financial officers from BDO USA found most expecting a 4.5 percent increase in sales for the year—up from 3 percent last year.

Retail CFOs are also growing more confident in the overall economic picture. Even though a majority—57 percent—expect continued economic stagnation, the number of CFOs forecasting a turnaround nearly tripled this year: 32 percent, up from 11 percent in 2011.

“Consumers proved resilient through back-to-school season, and that is fueling greater optimism for holiday sales results,” said Doug Hart, partner in the retail and consumer product practice at BDO USA, in a statement. “But retailers aren’t counting their dollars just yet. Forecasts are cautious as retailers closely watch unemployment, election results, and inventory levels—any of which could throw a wrench in holiday results.”

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