Wells Fargo & Co. economists on Thursday predicted holiday sales will increase 3.9%, compared to last year. The economists predict that despite a shorter holiday season this year, the increase in sales is based on an increase in consumer confidence, continued employment growth and lower gas prices. Sectors that economists predict will show the most strength include non-retailer and e-commerce, health and personal care, and food and drink. Wells Fargo economists also predicted overall spending in the fourth quarter would increase 4.1% year-over-year.
Copyright © 2014 MarketWatch, Inc.