The Bay Area economy is thriving as the holiday shopping season approaches. Despite the recent negative impact of the APEC conference, things are looking up again. Though Celia Anaya’s Wax Addict business took a 25% hit, she will remain open the week before Thanksgiving to help make up for losses and her shop is generally busy this time of year. In addition to that, prices have dropped and shoppers are starting to flock to stores both in person and online.
Macy’s annual Holiday Windows event has also attracted attention with its 37th event featuring adoptable dogs and cats from the San Francisco SPCA. According to Bay Area economist James McBride, while inflation is declining, the economy is still stable and above the federal target of 2%. Major retailers like Macy’s reported higher sales as Americans are spending more money on necessities like food. McBride also attributes the healthy economy to an incredibly low unemployment rate in the Bay Area; below 3%. Additionally, airfare prices have dropped by 13%, further boosting consumer spending power.