forecast to increase by 10%
Shoppers are expected to spend about $125 billion from today through Monday, a 10% increase from last year’s spending, according to a consumer survey.
The International Council of Shopping Centers said in a new report that about 89% of US consumers plan to shop over the weekend, which traditionally kicks off the holiday shopping season. And that’s despite retailer promotions starting much earlier this year and concerns about inflation and rising interest rates.
However, 81% of those planning to spend the higher interest rates will likely have an impact on their shopping behavior or payment methods. Few reported using credit cards to finance extravagant purchases.
About 37% of respondents said they will be spending less this year, and just as many will be paying with a debit card.
About 31% of shoppers said they would pay for their purchases with cash. And 23% said they will use the “buy now, pay later” options that retailers are increasingly using.
The 2022 ICSC Thanksgiving Weekend Intentions Survey was conducted online between November 11 and 13, with 1,013 shoppers responding.
– Serenah McKay
Almost all fired
at the furniture maker
TUPELO, Mississippi – A Mississippi-based company that had grown into one of the largest furniture companies in the country has laid off nearly its entire workforce.
About 2,700 workers, most of whom live in northeast Mississippi, lost their jobs Monday, according to the Northeast Mississippi Daily Journal.
United Furniture Industries emailed and texted a memo to workers late Monday, informing them not to report for their shifts on Tuesday.
In a second email, workers were informed that their “dismissal from the company is expected to be permanent and all benefits will cease immediately without the provision of COBRA,” referring to federal law that allows people who lose their jobs to the opportunity to maintain their employer-sponsored health insurance coverage under certain circumstances.
Some employees were asleep when the emails reached their inboxes. Others never saw the emails before going to work. Company drivers who were out were instructed to return immediately to a United Furniture location to drop off their trucks.
The memo said the layoffs were at the direction of the company’s board of directors and were due to “unforeseen business circumstances.”
— The Associated Press
Arkansas index flat
close at 845.57
The Arkansas Index, a price-weighted index that tracks the state’s largest public companies, closed Thursday at 845.57, up 0.18.
JB Hunt Transport Services shares rose 2%.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of December 30, 1997.