Seth Ketron, assistant marketing professor at the University of St. Thomas Opus College of Business, recently spoke with WCCO-TV on how holiday spending forecasts, expected to hit nearly $1 trillion this year, help retailers prepare for staffing, inventory and consumer trends.
From the story:
Holiday spending could break an all-time record this year. The National Retail Federation predicts that sales could hit a whopping $989 billion this season.
How is holiday shopping forecasted?
“There’s a reason it’s an average, so it’s going to be a very high spread, so some people won’t spend a dime and some people love this time of year and spend a lot and everywhere in between,” Seth Ketron, assistant professor of marketing at the University of St. Thomas, said. “Generally, they are pretty accurate overall. They are never going to be 100% perfect, but the goal is to get a sense of what retailers should get prepared for.”
Retailers use forecasts to help determine staffing, inventory and to gauge how consumers are feeling about the economy.
“It’s a constant process, they might come out with a broad forecast then adjust it as time goes on,” Ketron said.
