That will be the second best year since the end of the recession, he told MarketWatch. After a hurricane-ravaged September, economists are heralding good tidings for December. The prediction comes after an 0.2% gain in US retail sales in October. But economists predict the data point to stronger consumer spending in coming months, including the critical holiday shopping season.
After the retail data was released, Ellen Zentner chief US economist at Morgan Stanley, now sees personal-consumption expenditures rising 3.5% in the final quarter of 2017, up from a 2.4% rate in the third quarter. If economists are right, that would be a boon to the fine fragrance industry, which posts its biggest sales between Thanksgiving and Christmas.