The economy is showing signs of improvement just as the holiday season begins, and many Americans are starting to feel confident about spending money again, according to recent research.
According to the Conference Board, a private research firm, the Consumer Confidence Index increased by 15.1 points from October to November. The Consumer Confidence Survey is conducted monthly over a random sample designed through probability.
Some students are still unsure about spending too much money, even with signs of economical improvement.
Haidee Rodriguez, a senior psychology major, said she hasn’t been getting a lot of hours at work, so she has had to cut back on spending.
“On Black Friday, I went out to see the deals, but I didn’t buy much,” Rodriguez said. “I waited until Cyber Monday to really shop because I thought it would be cheaper that way.”
According to the National Retail Federation (NRF), holiday shoppers hit a new record with $52.4 billion spent during Thanksgiving weekend, including Cyber Monday. According to the survey conducted by the NRF, the average shopper spent $398.62 compared to $365.34 from last year.
BIGresearch conducted this survey Nov. 24 through Nov. 26 for NRF. BIGresearch polled 3,826 consumers and has a margin of error of plus or minus 1.6 percent.
The survey also showed that consumers were starting their shopping trips earlier. It was reported that 24.4 percent of people started shopping by midnight, compared to just 9.5 percent in 2010.
“My boyfriend wanted the new Jordans that came out midnight on Black Friday, so I stood in line from 8 p.m. until the store opened,” said Lisa Nguyen, a junior communications major.
Many stores offered promotional sales for the first customers, which influenced some shoppers’ decisions to arrive early. According to the NRF, a record of 226 million people visited stores and websites throughout the weekend to catch the sales.
Mike Cox, a junior kinesiology major, said Black Friday shopping is a tradition for his family, so they would go shopping regardless of financial conditions.
“I was so broke, but I went shopping anyway,” Cox said. “It’s the Christmas kickoff, I had to go. My dad did most of the spending, though. He got a new big screen TV. Best Buy was nuts on Black Friday with all the customers.”
Even though some shoppers may be skeptical about spending too much money, they are still shopping because of the holiday season.
“I love the holidays, so I’ll definitely be doing a little more shopping for my family,” Rodriguez said.
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