Steve Odland, and former Office Depot CEO, joins CNBC’s “The Exchange” team to discuss the consumer confidence index and what it indicates about the holiday season.

There have been small decreases in the consumer confidence index because of worry over job creation slowing down. However, employment is very high. The good news is that the expectation going into 2020 is that the economy will continue to grow. GDP is expected to grow 2.3% in 2019 and 2% in 2020.

The consumer confidence index does fluctuate, however the overall levels are near historic highs. Consumers believe that the economy is going to continue to grow and this will support solid holiday spending during this holiday season.

Are retailers concerned about the shorter time between Thanksgiving and Christmas?
There are six fewer days between Thanksgiving and Christmas, and if retailers don’t do well, they will use this as the excuse. However the shopping season has already started. It used to be that the biggest growth day was Black Friday but now, it’s Thanksgiving. The deals are out there, there has been a big shift to e-commerce  and mobile shopping enabling consumers to purchase whenever, wherever.

We are going to have our first trillion dollar season and big box stores (Target, Walmart, Best Buy etc) and online retailers (like Amazon) are expected generate record breaking revenue. 

*Note this interview appeared on November 26, 2019.

Source: CNBC