The National Retail Federation estimates holiday sales will grow 4.1 percent in 2012.
Retail sales in December 2011 reached $398 billion, nearly recovering to the high of $408 billion spent in December 2007 before the recession choked off consumer spending.
December 2008 saw a drop of roughly $60 billion from 2007, down to $348.3 billion.
Some companies even dusted off an old financing option, buying by layaway.
Even as spending rises, consumers are being cautious and putting significantly fewer holiday purchases on their credit cards compared to pre-recession days.
Balances on credit cards in the fourth quarter of 2011 were $703.8 billion – 19 percent below the peak of $870 billion in the fourth quarter of 2008.
The National Retail Federation estimated that holiday sales in 2012 would grow 4.1 percent, to $586.1 billion.
Retailers are celebrating the return of shoppers. Retail sales in December 2011 reached $398 billion, nearly recovering to the $408 billion spent in December 2007 before the recession.
Some residual effects of the recession, however, remain apparent. Shoppers are spending more, but putting significantly fewer purchases on their credit cards.
We have a photo gallery with more on holiday sales since the recession. Click through it, read “What Do Others Say?” for more perspective, then add to the discussion below. Is renewed retail spending reason to celebrate? What about the decreased use of credit? Are Americans wise to keep their cards in their pockets?