The holiday season is shaping up to be a “very strong” one, said Steve Odland, president and CEO of The Conference Board.
Consumer confidence rose to an 18-year high in October, according to The Conference Board, a global, independent business membership and research association. The reading increased to 137.9 this month, the highest since September 2000, from a downwardly revised 135.3 in September.
Odland, a CNBC contributor who once served as CEO of both Office Depot and AutoZone, told CNBC that consumers think the good economy is going to carry over into early 2019 and because of that the fourth quarter and holiday season should be strong.
“Unless we get into a big bear market, unless some exogenous event happens here, it doesn’t look like there’s anything that would derail consumer confidence going into the holidays,” he said on “Power Lunch.”
Seasonal hiring at retailers such as Amazon, which will put more money into people’s pockets, should translate to consumers’ willingness to spend during this holiday season.
The escalating trade tensions don’t seem to have even “created a ripple,” Odland said.
“Consumers are focused on what’s impacting them. The jobs market is very strong, wages are moving again, and they are feeling like they’ve got money to spend,” he added.
Source : CNBC