The early picture of October retail sales shows signs of a spending recovery, lifting hopes for a merrier holiday and the economy.
The brighter outlook comes ahead of today’s sales reports from major retailers, which are expected to show the second consecutive monthly gain after more than a year of decline.
Shoppers are treating themselves and purchasing at full price.
SpendingPulse, a service of MasterCard Advisors, reported Wednesday that jewelry (up 7.2 percent) and clothing (up 3.4 percent) showed signs of life in October compared with a year earlier, when spending was in a free fall. But those figures were well below the levels two years ago and only slightly better than 2005. SpendingPulse estimates sales in all payment forms including cash and checks.
A flurry of apparel retailers from T.J. Maxx to J. Crew Group Inc. have raised their profit outlooks in recent weeks.
From Wire Reports
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