By: Dr. Lynn Reaser
Q: Are San Diego consumers in a better buying mood this coming holiday season than they were in 2010?
A: No. While San Diego County has added 15,000 jobs so far this year, triple the gain for all of 2010, the jobless rate is still close to 10%. Wages have not kept pace with prices as food and energy costs have jumped. Home prices are somewhat lower than a year ago. Stock prices remain volatile and have struggled to even match last year’s closing values. Meanwhile, a major cloud of uncertainty looms regarding both the European debt situation and our own budget problems. San Diego consumers will still spend for the holiday season but they will remain cautious as in 2010.