BUSINESS + ECONOMY

Utahns ready to spend on Christmas amid strong economy

Nov 27, 2018, 12:58 PM
Christmas...
People do some last-minute Christmas shopping at City Creek Center in Salt Lake City.

SALT LAKE CITY — Utahns are feeling pretty optimistic about the economy just in time for the holidays, where many families are planning to spend a lot of money on Christmas this year.

While some people were walking into The Lady Bag on Main Street downtown Salt Lake City, most of their orders come online.

Marketing manager Anna Madsen says they buy and sell Gucci and other luxury handbags, “Our average price point is about $1,000, and we are finding that throughout the holiday season, we are staying within that $1,000 for an average sale,” she said.

Christmas

Anna Madsen talks to the media inside The Lady Bag

They’ve grown 25 percent since last year and Chad Berbert with the Cicero Group used them as an example of Utahns spending money.

“Utahns are overall quite positive about the current economic conditions, and by indications of this past weekend, sales in the state are primed for a strong year this holiday season,” Berbert said.

Christmas

Chad Berbert, Principal, Cicero Group

Berbert says more than 70 percent of Utahns plan to spend as much or more than they did last year. And those surveyed said more than half of their holiday spending will be done online this year.

Their research shows that Utahns plan to spend an average of 11-hundred dollars this year on Christmas shopping.

“One of the things we see in the overall data is there is a lot of optimism in the economy. People are feeling confident about jobs. And when they feel that way, they tend to spend more than they would otherwise,” he said.

The survey also shows 53 percent of Utahns feel housing prices will increase over the next 12 months, which is the lowest amount in 3 years.

73 percent believe interest rates will continue to rise and Berbert spoke about the optimism in the local economy that Utahns are currently feeling.

“This month, 64 percent of Utahns indicate they believe business conditions in the state to be good. That’s the highest level recorded since Zions Bank began measuring the consumer attitude index in 2011,” said Berbert.

Today’s Top Stories

Business + Economy

making way for The Point, a guard tower is knocked down as part of the old state prison's demolitio...
Aimee Cobabe

As the old state prison goes down, development of The Point begins

The Point will take about two decades for developers to finish, but leaders in the project are optimistic that the planned community will be worth the wait.
1 day ago
Former Governor of Utah, Gary Herbert speaks at the start of demolition at the old Utah State Priso...
Aimee Cobabe

Demolition begins at the old Utah State Prison in Draper

It took years to get the Utah State Prison to this point. Now, the site will be repurposed and built into a so-called "15-minute community."
2 days ago
The American Red Cross of Utah urges Utahns to consider their organization on Giving Tuesday....
Simone Seikaly

American Red Cross urges gift of time for ‘Giving Tuesday’

Giving Tuesday emphasizes a day for charitable actions after several days (Black Friday, etc.) focused on spending and buying.
3 days ago
People wait in line to enter Macy's department store during Black Friday in New York City on Novemb...
Jordan Valinsky, CNN Business

Online Black Friday sales set a new record

Online shopping is expected to remain strong through Cyber Monday.
3 days ago
Shoppers walk through City Creek Center in Salt Lake City on Wednesday, Dec. 8, 2021. The Better Bu...
Mark Jones

Making the most of Black Friday, Better Business Bureau has tips

The Better Business Bureau offers tips to those shoppers who plan to shop in person on Black Friday.
8 days ago
sundance mountain resort will open a week early...
Kira Hoffelmeyer

Sundance Mountain Resort to open seven days early

SUNDANCE, Utah — Sundance Mountain Resort is opening one week ahead of schedule. The resort announced via email this morning that it expects to open on Dec. 3 because of all the snow it’s gotten, instead of its planned Dec. 9 opening. Sundance says it’s the earliest opening day they’ve had in a decade.  “We […]
8 days ago

Sponsored Articles

Happy joyful smiling casual satisfied woman learning and communicates in sign language online using...
Sorenson

The best tools for Deaf and hard-of-hearing workplace success

Here are some of the best resources to make your workplace work better for Deaf and hard-of-hearing employees.
Team supporters celebrating at a tailgate party...
Macey's

8 Delicious Tailgate Foods That Require Zero Prep Work

In a hurry? These 8 tailgate foods take zero prep work, so you can fuel up and get back to what matters most: getting hyped for your favorite
christmas decorations candles in glass jars with fir on a old wooden table...
Western Nut Company

12 Mason Jar Gift Ideas for the 12 Days of Christmas [with recipes!]

There are so many clever mason jar gift ideas to give something thoughtful to your neighbors or friends. Read our 12 ideas to make your own!
wide shot of Bear Lake with a person on a stand up paddle board...

Pack your bags! Extended stays at Bear Lake await you

Work from here! Read our tips to prepare for your extended stay, whether at Bear Lake or somewhere else nearby.
young boy with hearing aid...
Sorenson

Accommodations for students who are deaf and hard of hearing

These different types of accommodations for students who are deaf and hard of hearing can help them succeed in school.
Young woman receiving laser treatment...
Form Derm Spa

How facial plastic surgery and skincare are joining forces

Facial plastic surgery is not only about looking good but about feeling good too. The medical team at Form Spa are trained to help you reach your aesthetic outcomes through surgery and through skincare and dermatology, too.
Utahns ready to spend on Christmas amid strong economy