Dive Brief:

• After disappointing sales reports from Macy’s and Nordstrom last week, healthier reports from Wal-Mart Stores, Home Depot, and TJX Companies this week are giving new hope to retailers and their investors.

• Retailers in Paris say that, while security is tighter, business is back to normal after last week’s terror attacks, and serious fears stemming the attacks haven’t impeded business here.

• That’s prompted some observers to say the American consumer is strong, though spending priorities are changing, and others say forces like fears from the news could still be a factor influencing holiday sales.

Dive Insight:

With Black Friday fast approaching, mixed results from retail earnings last week and this week are causing many retailers to wring their hands.

The fundamentals of the economy appear to point to a consumer with money to spend this holiday season, and more of a willingness to do so than in recent years.

But wage stagnation that is leaving lower- and middle-income consumers with less spending money after paying higher rents and other expenses is reining things in, many economists say. That, plus a carefulness perhaps drilled in to many consumers during the recession is changing consumer spending priorities. And anything could hurt holiday sales this year, from further worries about terrorist attacks to rising gas prices.

Consumers are likely to see increased security at malls and other retail areas, including more patrols and K-9 dogs. Black Friday already has something of a reputation for being unsafe, and that might cause some shoppers to stay home, Burt P. Flickinger, III, managing director of consumer consulting firm Strategic Resource Group, told the New York Times. 

“And over all, the mood is less likely to make people want to spend,” he said. “They feel blessed to be alive. They schedule more time with family and friends. They spend less time shopping.”