Neely Tamminga, a managing director at Piper Jaffray, thinks this holiday season could see the return of the ready-to-splurge shopper.
"Conventional wisdom right now is a very tough holiday season," Tamminga told CNBC Wednesday on "Squawk on the Street." "However, we are hearing about business picking up here in November. We see these confidence numbers. We think it could surprise and delight people by the time we get on the other side of the holiday."
Consumer sentiment in the U.S. rose in November at a slightly higher rate than economists expected, up to 75.1 from 73.2 in October, revised numbers released Wednesday by the University of Michigan showed. At the same time, retail sales saw a 3.9 percent year-over-year increase last month, the U.S. Commerce Department reported last week.
Still, it's not enough to convince Patrick McKeever, a managing director at MKM Partners who covers the retail sector, that the holiday season will be less forgiving for retailers.
"It's going to be a pretty tough holiday," McKeever said Wednesday on "Squawk on the Street," adding, "There are still a number of things weighing on consumer psychology."
Consumers have more capacity to spend this year compared to others since the financial crisis, but retail companies continue to disappoint investors, McKeever said.
(Read more: Overstocked retailers offering epic holiday bargains)