Glendale Retail Panelists Says Xmas Sales to Increase

Jack Kyser, a veteran Southern California economic guru, forecast retailers’ sales would grow by 3 percent during the upcoming Christmas holiday season. He made the forecast at Glendale Galleria’s 2010 Retail Holiday Panel at the mall in Glendale, Calif., on Nov. 11.

Southern California has made an economic recovery since the weak Christmas season of 2009, according to Kyser, the chief economic adviser to the Southern California Association of Governments. However, consumers are still reeling from the impact from the recession, and many are focused on saving money. “Before the recession, consumers were criticized for not saving enough. Now they are criticized for saving too much,” he said.

Kyser’s forecast ranks among the more optimistic 2010 holiday forecasts. On Oct. 6, the National Retail Federation predicted a Christmas sales increase of 2.3 percent. On Sept. 23, Britt Beemer, a pollster for prominent marketing research company America’s Research Group, noted that a record 43 percent of American shoppers plan to spend less in the last quarter of 2010, compared with the last quarter of 2009.

Kyser backed up his forecast with news on the recovering business sectors around Southern California and the state. He noted that business has been improving in the Southern California businesses of film production, tourism and home building. Also, some areas such as Orange County had strong economic news to report when California’s Economic Development Department noted the county added 4,600 jobs in September.

Leslie C. Reisner, a clinical psychologist, also made remarks during the panel. She forecast consumers will be using more cash than credit to make purchases this season. “We’re going to be more practical this year,” she said.—Andrew Asch